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

Originating house
House of Representatives
Parliament no

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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.


House of Representatives
Introduced and read a first time 23 Feb 2011
Second reading moved 23 Feb 2011
Second reading debate 24 Mar 2011
Second reading debate 10 May 2011
Second reading debate 11 May 2011
Second reading debate 12 May 2011
Second reading agreed to 12 May 2011
Consideration in detail debate
  • Amendment details: 4 Government agreed to
12 May 2011
Third reading agreed to 12 May 2011
Introduced and read a first time 14 Jun 2011
Second reading moved 14 Jun 2011
Second reading debate 20 Jun 2011
Second reading agreed to 20 Jun 2011
Committee of the Whole debate 20 Jun 2011
Third reading agreed to 20 Jun 2011
Text of bill as passed both Houses 20 Jun 2011
  • Act no.: 42
  • Year: 2011
27 Jun 2011

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives


Schedules of amendments

No documents at present

Bills digest


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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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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