The Greens will move amendments to the Corporations Amendment (Improving Accountability on Termination Payments) Bill to give shareholders a greater say over executive pay.
"The government has, under pressure from the big end of town, watered down its own legislation. The Greens will rectify this with amendments to restore measures in the original exposure draft bill which ensure shareholders can vote on the performance of their CEO," Australian Greens Leader Bob Brown said.
"The legislation before Parliament gives shareholders only minimal say over termination pay in limited circumstances. The Greens believe that shareholders should have a stronger say in all remuneration matters to put an end to the excesses we have seen over recent years."
"Our amendments will give shareholders a binding vote on each company's executive remuneration policy, which will include linking salary to company performance."
"Last year the Greens attempted a number of times to move amendments to limit the excessive 'golden handshakes' received by executives but the government refused to act," Senator Brown said.
Media contact: Peter Stahel 02 6277 3170 or 0433 005 727