Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Greens to amend stimulus package to curb CEO salaries.

Download PDFDownload PDF

  Wednesday, October 15, 2008   

Greens to amend stimulus package to curb CEO  salaries    Australian Greens Leader Bob Brown today announced that the Greens would move  to amend the legislation for the stimulus package to curb CEO salaries.    “The Prime Minister today has waffled and put off action to curb excessive CEO  salaries. That is not acceptable when taxpayers are putting a massive guarantee  behind the welfare of the banks and financial institutions,” Senator Brown said.     ʺThe Greens will move to restrict the salaries of CEOs from institutions which are  guaranteed by taxpayers when the economic stimulus legislation reaches the Senate  to no more than $5 million, or ten times the base wage of the Prime Minister of  Australia, whichever is the lesser.    ʺIf executives want to leave this country because they are dissatisfied with an annual  $5 million payout I think most Australians would be down to the wharf to see them  off,” Senator Brown said.    Further information: Ebony Bennett 0409 164 603   

2008 The Parliament of the Commonwealth of Australia THE SENATE

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008 (Amendment to be moved by the Leader of the Australian Greens, Senator Bob Brown, in committee of the whole) (1) Page 2 (after line 11), after clause 3, insert: 4 Payments to executives of entities dealt with by this Act (1) No authorised deposit-taking institution or other entity which has deposits guaranteed, or which is otherwise protected or regulated, under the provisions of this Act shall pay any of its

executives an annual salary of more than $5 million, or ten times the base wage of the Prime Minister of Australia, whichever is the lesser. (2) In this section: executive can include any person engaged or employed by the entity

on any basis.

salary includes any remuneration paid, promised or guaranteed in any

form, including though consultancy agreements and grants of shares or other interests, and including any payment made upon resignation or retirement, however described. [kerbing obscene payments to executives]


Ebony Bennett Media Advisor Senator Bob Brown | Leader of the Australian Greens e: m: 0409 164 603 | p: (02) 6277 3170 | f: (02) 6277 3185 w: