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CORPORATIONS AMENDMENT (NO. 1) BILL 2008 [2009]

Order of the day read for the further consideration of the bill in committee of the whole.

In the committee

Consideration resumed of the bill—and of the amendment moved by Senator Milne:

 Schedule 1, page 3 (after line 6), after item 1, insert:

 1A Paragraph 200F(2)(b)

  Repeal the paragraph, substitute:

 (b) the value of the benefit, when added to the value of all other payments (if any) already made or payable in connection with
the person's retirement from board or managerial offices in the company and related bodies corporate, does not exceed the amount worked out under subsection (4).

 1B Subsections 200F(3), (4) and (5)

  Repeal the subsections, substitute:

  (3) For the purposes of paragraph (2)(b), other payments includes:

 (a) payments of the market value of shares or share-based payments that become exercisable in connection with a person's retirement from a board or managerial office in the company or in a related body corporate; and

 (b) payments by way of pension or lump sum, including a superannuation, retiring allowance, superannuation gratuity or similar payment.

  (4) The amount worked out under this subsection is:

 (a) if the period or periods during which the person held a board or managerial office in the company or in a related body corporate total less than 12 months—the amount that is in the same proportion to $1,000,000 as that total period is to 12 months; or

 (b) if the period or periods during which the person held a board or managerial office in the company or in a related body corporate totals 12 months or more—$1,000,000.

 1C Paragraph 200G(1)(c)

  Omit "subsection (2)", substitute "subsection (3)".

 1D Subsection 200G(1)

   Omit "In applying paragraph (c), disregard any pensions or lump sums that section 200F applies to.", substitute "In applying paragraph (c), the value of the benefit includes any pensions or lump sums that section 200F applies to.".

 1E Subsections 200G(2) and (3)

  Repeal the subsections, substitute:

  (2) For the purposes of paragraph (1)(c), other payments includes:

 (a) payments of the market value of shares or share-based payments that become exercisable in connection with a person's retirement from a board or managerial office in the company or in a related body corporate; and

 (b) payments by way of pension or lump sum, including a superannuation, retiring allowance, superannuation gratuity or similar payment.

  (3) The payment limit is $1,000,000.

 1F Subsections 200G(5) and (6)

  Repeal the subsections.

Debate resumed.

Question—That the amendment be agreed to—put.


The committee divided—

AYES,7


Senators—
Brown, BobHanson-YoungMilneXenophon
FieldingLudlamSiewert (Teller)

NOES, 35


Senators—
BernardiCormannLundyRyan
BilykCrossinMarshallSherry
BoswellFeeneyMasonStephens
BoyceFergusonMcLucasSterle
Brown, CarolForshawMooreTroeth
BushbyFurnerNashTrood
CameronHutchinsParryWilliams (Teller)
ColbeckJoycePayneWortley
CollinsLudwigPratt

Question negatived.

Bill agreed to.

Bill to be reported without amendment.

The Acting Deputy President (Senator Troeth) resumed the chair and the Chair of Committees (Senator Ferguson) reported accordingly.

On the motion of the Minister for Superannuation and Corporate Law (Senator Sherry) the report from the committee was adopted and the bill read a third time.