The Greens will move amendments to give shareholders a full say on CEO salaries when the Government brings its Corporations Amendment (Improving Accountability on Termination Payments) Bill into the Senate in the coming weeks, Greens Senator Rachel Siewert said today.
The Bill as it is currently drafted requires termination payouts to directors and senior executives in excess of one year's salary, to have shareholder approval.
"Australians are quite rightly looking for big business to pull its belt in, in tough economic times, and the Parliament can help by giving shareholders a direct say in CEO remuneration," Senator Siewert said.
"The Greens believe that shareholders should have a right to be engaged not just in setting termination payments, but in setting the salaries of the senior executives responsible for managing their business."
"When Parliament resumes, the Greens will be moving amendments to give shareholders the power to reject obscene CEO salaries. This will bring openness and transparency to these salaries and keep a lid on the excessive pay-outs that are way out of step with community opinion," concluded Senator Siewert.