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.