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Following recommendations made by the Corporations and Markets Advisory Committee, the Government has announced that it will amend the Corporations Act 2001 (Cth) in order to improve disclosure in executive remuneration reports
ASIC released an information sheet to provide options for listed companies to consider when complying with the current rules introduced by the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 (Cth) until amending legislation is introduced to address a legislative oversight
The decision of the Federal Court in Australian Securities & Investments Commission v Healey & Ors 2011 FCA 717 has no doubt raised anxiety levels for a number of non-executive directors, concerned that they must now become experts in accounting standards
On 20 June 2011, the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill was passed by the Senate, giving effect to the Government's response to the Productivity Commission's post-GFC report on executive remuneration
