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Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011

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2010-2011

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

 

Corporations amendment (improving accountability on director and executive remuneration) bill 2011

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

Amendments to be moved on behalf of the Government

(Circulated by the authority of the

Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP)

Application and transitional provisions

These amendments seek to delay the application of three measures contained in the Bill from 1 July 2011 to 1 August 2011.  These measures are:

•                The prohibition on key management personnel and their closely related parties from voting their shares in the non-binding vote at a company’s annual general meeting on adoption of the remuneration report about the remuneration of key management personnel (para 3.15);

•                The prohibition on key management personnel and their closely related parties exercising undirected proxies on remuneration related resolutions (para 3.16); and

•                The measure to prevent ‘cherry-picking’, i.e. the measure to require proxies to vote in the way specified in the appointments (para 6.12).