Corrs In Brief: Executive Remuneration Bill proposed changes to the Corporations Act

The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 (Bill) was introduced into the Federal Parliament on 22 February 2011.

The Bill proposes major changes to the present procedures associated with the nonbinding vote on Remuneration Reports and other remuneration matters. Other changes are proposed to corporate governance provisions.

Amendments to the Bill may be made before its final adoption, however the Government has flagged the Bill as a legislative priority for the first session of the 2011 Parliament. Company directors, company secretaries, general counsel and remuneration professionals should therefore make themselves aware of the changes proposed in the Bill.