Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

Yes. Just to conclude the key elements of reform, where a spill motion is being supported by a majority of shareholder votes, directors will face fresh elections at a subsequent spill meeting. Before the government's reforms there was no legislation governing how businesses use remuneration consultants. Now a remuneration consultant must be approved by the board in order to be engaged and must demonstrate their independence. Also, directors are prohibited from participating in votes on remuneration of key management personnel.

This has been an effective package, as has been well illustrated over the last couple of weeks. It is clear proof that the government's reforms are already working. We have seen a number of instances this year of shareholders rejecting proposed remuneration. We have seen instances of companies that have recorded high 'no' votes, particularly in the last few weeks, and making much more effort to justify the pay— (Time expired)