The government's gushy welcome to the Productivity Commission's watered-down recommendations on ‘obscene' executive remuneration will have champagne corks popping again at the big end of town, Australian Greens Leader Bob Brown said in Hobart today.
"However shareholders' powers to curb multi-million dollar wage grabs for executives have been dramatically reduced from the Commission's earlier report. The result will be that the greed factor found in parts of the corporate sector will continue to flourish," Senator Brown said.
"The Greens will move to amend the government's legislation when it comes to the Senate. We will put in measures for a five million dollar cap on executive remuneration and to empower shareholders as in the Commission's earlier report.
"We will also act on the Commission's concern that too few women are on the boards of Australian companies," Senator Brown said.
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