[Greens-Media] Government and Opposition oppose Greens action on CEO salaries

[Hollo, Tim (Sen C. Milne)]

Canberra, Thursday, 16 October 2008

Government and Opposition oppose Greens action on CEO salaries

The Government and Opposition closed ranks today to oppose a Greens
amendment to the stimulus package that would have limited executive pay
packages to no more than $5 million or ten times the Prime Minister's
salary of $330,000, whichever is the lesser.

"The Rudd Government has just confirmed that it is all talk and no
action on obscene executive pay packages" Senator Brown said.

"When taxpayers are putting a massive guarantee behind the welfare of
the banks and financial institutions, it is simply unacceptable for
those banks to thumb their noses at the community and continue to pay
some of their executives 100 times what average Australians are earning.

"The Prime Minister has recognised that Australians want limits on CEO
salaries. Just like with climate change, he has jumped on the bandwagon
and started talking about the issue without any intention of doing
anything about it."

Not one Senator rose to Senator Brown's challenge to state whether they
believed any executive deserved to earn ten times the Prime Minister's
salary. Only Senator Xenophon voted with the Greens in support of action
to curb obscene executive pay packages.

The text of the amendment reads:
Financial System Legislation Amendment (Financial Claims Scheme and
Other Measures) Bill 2008 
(1) Page 2 (after line 11), after clause 3, insert: 
(4) Payments to executives of entities dealt with by this Act 
(1) No authorised deposit-taking institution or other entity which has
deposits guaranteed, or which is otherwise protected or regulated, under
the provisions of this Act shall pay any of its executives an annual
salary of more than $5 million, or ten times the base wage of the Prime
Minister of Australia, whichever is the lesser. 
(2) In this section: 
	executive can include any person engaged or employed by the
entity on any basis. 
salary includes any remuneration paid, promised or guaranteed in any
form, including though consultancy agreements and grants of shares or
other interests, and including any payment made upon resignation or
retirement, however described. 
[curbing obscene payments to executives]

Contact: Tim Hollo on 0437 587 562

Tim Hollo
Media Adviser
Senator Christine Milne
ph: (02) 6277 3588
mob: 0437 587 562

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