www.thenewlawyer.com.au/article/Lawyers-speculate-over- -
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Last Visited: 11/16/2009
Paul Quinn, executive partner at Allens Arthur Robinson in Melbourne, who heads up the corporate practice, said however that the recommendations are not likely to trigger amendments to the bill, which is in the second reading stage in the Senate.
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Quinn said the draft did not find any general system failure in pay settings.
"However it did make recommendation for further regulatory and corporate governance reforms, really aimed to strengthen the integrity of pay settings by boards, and for boards to engage effectively with shareholders on remunerations," Quinn told Boardroom Radio.
One central recommendation in the report is the two strike rule.
"If a remuneration report receives a no vote of 25 per cent or more then the board has to come back next year and respond to that criticism and if in the following year it gets a similar no vote than all directors are up for re-election," said Quinn.
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Quinn added: "A number of changes proposed relates to tax issue- because there has been a significant tax issues.
The recommendation, to remove taxation point impediment to deferred equity, would remove the need for special tax rulings.
Quinn was not optimistic that the current bill would be amended, but he said it was likely there would be further regulation of executive pay through the Corporations Act and the ASX listing rules.
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Paul said "And to think that it was questionable a mere few years ago whether acting/associate judges..."
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