Australia’s Productivity Commission will submit its final report on executive remuneration to the Federal Government on 19 December. The Productivity Commission was asked to undertake a public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under the Corporations Act. It was asked to make recommendations on how the existing framework governing remuneration practices in Australia could be improved.
Australian newspaper, The Age, has reported that it is not yet clear when the report will be made public. ‘Although the Government is required to release it after 25 parliamentary sitting days – potentially pushing it into May – it is expected to be released much earlier’.
The Productivity Commission received a further 70 consultation responses following the publication of a draft report earlier this year. The draft report included a ‘two strikes’ rule in relation to the remuneration report vote (see also our poll).
Productivity Commission – Project on Executive Remuneration
The Age – Pay report a ‘robust’ redress