Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
42
Summary
Amends the
Corporations Act 2001
  to: lower the threshold at which termination payments to company executives (including senior executives or key management personnel) must be approved by shareholders; specify the types of benefits which are subject to shareholder approval; require unauthorised termination benefits to be repaid immediately; provide that retiree shareholders cannot participate in a vote on their termination benefit (except as a proxy); and increase the penalties applicable to unauthorised termination benefits. 

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Progress

House of Representatives
24 Jun 2009Introduced and read a first time
24 Jun 2009Second reading moved
09 Sep 2009Second reading debate
09 Sep 2009Second reading agreed to
09 Sep 2009Third reading agreed to
Senate
10 Sep 2009Introduced and read a first time
10 Sep 2009Second reading moved
17 Sep 2009Second reading debate
26 Oct 2009Second reading agreed to
26 Oct 2009Committee of the Whole debate

Amendment details: 1 Independent (Xenophon) agreed to
26 Oct 2009Third reading agreed to
House of Representatives
27 Oct 2009Message from Senate reported
29 Oct 2009Consideration of Senate message

Details: House disagreed to Senate amendment
Senate
29 Oct 2009Message from House of Reps reported
16 Nov 2009Consideration of House of Reps message

Details: Senate did not insist on its amendment


16 Nov 2009Text of bill as passed both Houses
23 Nov 2009Assent

Act no.: 115

Year: 2009

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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