Corporations Amendments – Improving disclosure requirements

The draft Bill contains measures to enhance the disclosure of executive remuneration in Australia. It implements many of the recommendations made by the Corporations and Markets Advisory Committee (CAMAC) in its 2011 inquiry into executive remuneration in Australia.

Together with the 'two-strikes' reform that was enacted in 2011, it strengthens Australia's corporate governance framework, including matters in relation to the remuneration of Key Management Personnel (KMP).

The Bill also includes a number of other measures that:

Require companies to disclose their clawback policy in the event of material misstatement.
Increases the flexibility of companies to pay dividends.
Removes inconsistencies in auditor appointment.
Improves consistency of remuneration setting for accounting boards, under the Australian Securities and Investments Commission Act 2001.

Making a Submission

Interested parties are invited to comment on the exposure draft.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 15 March 2013

Address written submissions to:

General Manager
Corporations and Capital Markets Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: corporations.amendments@treasury.gov.au

For enquiries please call Scott Rogers (02) 6263 3076 .

Key Documents

Exposure Draft 398KB 1MB
Explanatory Memorandum 527KB 540KB

Make a Submission

Submit Online

Alternatively submit via post 60KB