Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the
Corporations Act 2001
  to: provide for a ‘two strikes and re-election’ process when a company’s remuneration report receives a 25 per cent or more ‘no’ vote in two consecutive years; require the company board or remuneration committee to approve any remuneration consultancy contract; require remuneration consultants to report to non-executive directors or the remuneration committee; require remuneration consultants and boards to declare a recommendation is made free from undue influence; require companies to disclose certain details relating to a remuneration consultant; prohibit directors and executives from voting their shares on remuneration resolutions; prohibit hedging of incentive remuneration; require shareholder approval for declarations of ‘no vacancy’ at annual general meetings; require that non-chair proxies vote as directed when they vote on a poll; and confine disclosures in the remuneration report to key management personnel. 

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Progress

House of Representatives
23 Feb 2011Introduced and read a first time
23 Feb 2011Second reading moved
24 Mar 2011Second reading debate
10 May 2011Second reading debate
11 May 2011Second reading debate
12 May 2011Second reading debate
12 May 2011Second reading agreed to
12 May 2011Consideration in detail debate

Amendment details: 4 Government agreed to
12 May 2011Third reading agreed to
Senate
14 Jun 2011Introduced and read a first time
14 Jun 2011Second reading moved
20 Jun 2011Second reading debate
20 Jun 2011Second reading agreed to
20 Jun 2011Committee of the Whole debate
20 Jun 2011Third reading agreed to


20 Jun 2011Text of bill as passed both Houses
27 Jun 2011Assent

Act no.: 42

Year: 2011

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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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