Joe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | Hansard source

The government does share the frustration that many in the Australian community feel regarding excessive executive pay, particularly for businesses that are underperforming. That is why, on 18 March 2009, the government asked the Productivity Commission to examine Australia’s existing regulatory arrangements for director and executive remuneration in corporate entities under the Corporations Act 2001. Reform will also tackle the regulation of termination pay, or so-called golden handshakes. The inquiry will be chaired by the Productivity Commission Chairman, Gary Banks, and Commissioner Robert Fitzgerald. Professor Allan Fels will also be appointed specifically for this inquiry. I know it does not go as far as the amendments that are proposed here. It is an excellent start, if I can say that, in dealing with this complex issue.

Question negatived.