Shareholder’s tighten grip on the purse strings – new rules on executive remuneration commence

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In the wake of the Global Financial Crisis, there have been renewed calls for tightening of corporate governance policies (and purse strings). In response, the Government recently passed the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011, which took effect 1 July 2011.

Summary

The new rules are aimed at addressing shareholder discontent over the divergence between company performance and executive remuneration, and ensuring that ‘best practice’ governance principles are delivered as common practice. The rules...

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