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ECONOMICS—FINANCIAL INSTITUTION EXECUTIVES—PAY LEVELS

The Leader of the Australian Greens (Senator Bob Brown), pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 245—That the Senate calls on the Government to:

 (a) ensure that, as a minimum, no financial institution executives' pay will increase as a consequence of the Government purchasing residential mortgage-backed securities or guaranteeing deposits and wholesale term funding of Australian financial institutions; and


 (b) prohibit payment of severance benefits (`golden parachutes'/`golden handshakes') to chief executive officers of such banks or institutions.

Question put.

The Senate divided—

AYES,6


Senators—
Brown, BobHanson-YoungSiewert (Teller)Xenophon
FieldingLudlam

NOES, 43


Senators—
AdamsCashFurnerParry (Teller)
ArbibCoonanHeffernanPayne
BarnettCormannHumphriesPolley
BernardiCrossinHurleyPratt
BilykEgglestonKrogerRyan
BirminghamEllisonLudwigStephens
BoyceFarrellMacdonaldSterle
Brown, CarolFeeneyMarshallTrood
BushbyFergusonMasonWilliams
CameronFisherMcEwenWortley
CarrForshawNash

Question negatived.