Kate Lundy (ACT, Australian Labor Party) Share this | Hansard source

My question is to the Minister for Superannuation and Corporate Law, Senator Sherry. Can the minister please update the Senate on the government’s decisive response to shareholder and community concerns over the exorbitant and irresponsible golden handshakes being paid to Australian company executives, which includes lowering the threshold for shareholder approval for such payments from seven times total annual remuneration to one times annual base salary, expanding the coverage of the binding shareholder vote to all executives contained in the company’s remuneration report rather than just directors, and broadening the definition of what constitutes a termination benefit? How has the community responded to a measure that will empower shareholders to take action and more easily reject outrageous golden handshakes?