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Accountability for executive remuneration - superannuation trustees to take a more pro-active role.



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AUSTRALIAN SENATE

SELECT COMMITTEE ON SUPERANNUATION

MEDIA RELEASE

ACCOUNTABILITY FOR EXECUTIVE REMUNERATION -SUPERANNUATION TRUSTEES TO TAKE A MORE PRO-ACTIVE ROLE

Senator John Watson (LP, Tasmania), Chair of the Senate Select Committee on Superannuation, in expressing his dismay at media reports of outrageously generous performance bonuses, share options and other benefits paid to some senior company executives, has called on superannuation trustees to take a more active role in holding such executives to account to ensure good corporate governance practices are followed.

Senator Watson said: ‘In the interests of their members, I urge Chairs of trustees of superannuation funds to be more pro-active by ensuring that their views are heard in annual general meetings of the companies in which their funds have investments.’

Senator Watson also said: ‘Given the size and importance of superannuation investments in corporate Australia, trustees have a special responsibility to their members to ensure that potential retirement benefits are not eroded through outrageous payments to company executives’.

For further details, contact:

For comment: Senator John Watson, Chair 02 6277 3685 (Canberra) 03 6331 4544 (Launceston,Tas)

For information: Sue Morton, Secretary 02 6277 3433 Email: super.sen@aph.gov.au

24 October 2002