[Greens-Media] Greens move for shareholder say in CEO pay

[Simms, Robert (Sen S. Ludlam)]

Greens move for shareholder say in CEO pay

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.  

For more information Robert Simms 0438376082 


Robert Simms
Media Adviser to
Senator Scott Ludlam
Australian Greens Senator for Western Australia

Sitting weeks: Tel: 02 6277 3467 | Fax: 02 6277 5821 
S1.36, Parliament House, Canberra ACT 2600

Non-Sitting weeks: Tel: 02 6277 3566 | Fax: 02 6277 3185
SG111, Parliament House, Canberra ACT 2600

Mobile: 0417 174 302  
www.scottludlam.org.au