Companies are reviewing performance pay in light of shareholder feedback Property developer Stockland has just announced that executive bonuses for 2012 will be cut following
Proposed Changes to the “Living Away From Home Allowance”
Executive remuneration for expatriates in Australia is likely to be impacted by the proposed changes to the fringe benefits tax treatment of Living-Away-From-Home –Allowance (“LAFHA”) benefits.
“Say-on-Pay” of Proxy Advisers & Institutional Investors
Questions are being asked whether proxy advisers have now gained too much influence as a consequence of the new “Say-On-Pay” reforms
Changes to “Two Strikes” Rule
An unintended consequence of the two strikes rule was that undirected proxies (where shareholders appoint the Chairman to vote on their behalf) were not counted last year.
Implications of a “No” Vote: Non-Binding?
Under the two strikes test (applying from 1 July 2011), shareholders are empowered to vote out a company’s directors if the remuneration report receives a “No” vote from a 25% or greater number of shareholders voting at two consecutive annual general meetings.
UK Reforms on Executive Remuneration Continue
The Business Secretary Vince Cable gave a speech to the House of Commons in January 2012 outlining new proposals for executive pay.
ASIC Announcement on Improving Disclosure of Executive Pay
ASIC recently announced that it has more to say on the issue of executive remuneration and has called on companies to improve the disclosure of
Ongoing Government Reform to Executive Remuneration and Reporting in Australia
The Government reminded us late in February that its reforms to executive remuneration and the reporting thereof is a continuing process and we can expect more in terms of legislative change as the year progresses.
Implementing Legislative Change in a Corporate Environment
The changes to the Corporations Act 201 to regulate the appointment and giving of advice by remuneration consultants impacts not only our corporate and board clients but Egan Associates as advisers.
CAMAC on Disclosure
The Corporations and Market Advisory Committee (CAMAC) has provided a report on Australia’s director and executive remuneration disclosure requirements and included are a number of specific suggestions to improve company reporting on this issue.