[Greens-Media] How Labor and Liberal escaped clipping executive's salaries

[Bennett, Ebony (Sen B. Brown)]

Friday, 17 October 2008

How Labor and Liberal escaped clipping executive's salaries

This week three Greens attempts at having executive salaries clipped were rejected by Labor and Liberal.

"Despite front-page coverage of Prime Minister Rudd's "greed is bad" procedure, which means no action unless it is internationally agreed, no Labor or Coalition senator ventured an opinion on the topic. Not one," Senator Brown said.

Senator Brown will move to refer the matter to a Senate inquiry when Parliament returns.

Here are Australian Greens Leader Bob Brown's motions and amendments:

24 September 2008	ECONOMY -EXECUTIVE SALARIES
Senator BOB BROWN <http://Hyperlink&CLASS=NAME&XRefID=QD4>  (Tasmania-Leader of the Australian Greens) 
To move-That the Senate-
	(a)	recognises that the current global economic downturn, and particularly, the crisis in the banking and insurance industry in the United States of America will have serious negative implications for Australia and the rest of the world;
	(b)	notes that:
			(i) executive pays in Australia have risen exponentially in the past 10 years, with the average total remuneration packages approximately $4.56 million in 2006,
			(ii) in 2006 the average remuneration package of the 10 highest paid chief executive officers (CEOs) in Australia was $11 749 074,
			(iii) the average salary for the top 100 CEOs, including those working for companies which are failing, was $1.8 million in 2006,
			(iv) the average Australian adult annual salary is $58 864, and
			(v) pensioners and other low income earners are currently experiencing considerable financial hardship yet the Government will not give them an additional $30 a week; and
	(c)	calls on the Government to urgently introduce measures to address this inequity and restrict the unjustified and extravagant salaries paid to executives, including options such as capping the most extravagant executive salaries and investigating loopholes in taxation legislation for such salary earners.
Division: NOES 45 (39 MAJORITY) AYES 6 

14 October 2008    EXECUTIVE SALARIES
Speech
Senator BOB BROWN <http://Hyperlink&CLASS=NAME&XRefID=QD4>  (Tasmania-Leader of the Australian Greens) 
I move:
That the Senate calls on the Government to: 
(a) ensure that, as a minimum, no financial institution executives' pay will increase as a consequence of the Government purchasing residential mortgage-backed securities or guaranteeing deposits and wholesale term funding of Australian financial institutions; and 
(b) prohibit payment of severance benefits ('golden parachutes'/'golden handshakes') to chief executive officers of such banks or institutions.

Division: NOES 43 (37 MAJORITY) AYES 6 

15 October 2008    TERMINATION PAYOUTS FOR EXECUTIVES
Speech
Continue
Senator BOB BROWN <http://Hyperlink&CLASS=NAME&XRefID=QD4>  (Tasmania-Leader of the Australian Greens) 
I move the motion as amended:
That, in light of the $US700 billion economic reform package to address the financial crisis in the United States of America (US) passed by the US Congress, which includes potential restrictions on chief executive officers' 'golden handshake', the Senate calls on the Australian Government to investigate similar measures for termination payouts for executives.
Division: NOES 40 (34 MAJORITY) AYES 6 

16 October 2008    Amendment
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]
Division: NOES 44 (39 MAJORITY) AYES 5 


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Ebony Bennett
Media Advisor 
Senator Bob Brown | Leader of the Australian Greens 
e: ebony.bennett at aph.gov.au 
m: 0409 164 603 | p: (02) 6277 3170 | f: (02) 6277 3185
w: www.bobbrown.org.au <http://www.bobbrown.org.au/>   <http://www.greens.org.au>