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Costello fails shareholders.



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M E D I A R E L E A S E

Senator Stephen Conroy Deputy Opposition Leader in the Senate Shadow Minister for Financial Services

COSTELLO FAILS SHAREHOLDERS

How much corporate greed is enough Mr Costello?

Today, Mr Costello told Southern Cross radio that he had spoken with the head of ASIC about the extraordinary payouts made by AMP and that if ASIC believed greater control was needed he would consider it.

Labor doesn’t need ASIC’s permission to crack down on corporate greed. The list of payouts has grown longer and the payouts have become larger with each passing month.

Shareholders of AMP, CBA, BHP and Southcorp can tell Mr Costello everything he needs to know - executives are being paid outrageous payments at the shareholders expense.

Mr Costello and Mr Howard are all talk no action.

Mr Howard said today:

“…if the company does badly you’re not entitled to something, in my view, on top of all of that. Now, I think there will be there’s already the beginnings of quite a cultural change in the corporate world about it and I think that change will continue.” (Interview with Ray Hadley, Radio 2GB, 28 February 2003).

If Mr Howard thinks that termination payments should not be made when companies have performed badly - let’s see him support Labor’s amendments to crack down on corporate greed.

The truth is that Mr Howard and Mr Costello believe in self-regulation.

Self-regulation has been a green light for corporate greed.

It’s time for the Howard Government to act in the best interests of the Australian people and take action to curb the outrageous payouts made to corporate executives.

Friday, 28 February 2003

Further information: Stephen Conroy 0418 383 965 Amber Hawkins 0407 434 523