House debates

Thursday, 12 May 2011


Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011; Consideration in Detail

11:28 am

Photo of Tony SmithTony Smith (Casey, Liberal Party, Deputy Chairman , Coalition Policy Development Committee) Share this | Hansard source

The member for McEwen would defend me! These amendments were outlined by the shadow Treasurer on 24 March. We believe they are sensible amendments. The issue the parliamentary secretary will not address is that under the existing legislation a small number of shareholders could potentially dictate the envisaged result.

Mr Bradbury interjecting

The parliamentary secretary, having spoken for 13 minutes, obviously still has not got to his critical point. We will give him another opportunity if he wants it. These amendments are well framed and they are the result of consultation. We have already outlined that we support the bill with all its seven schedules, but we think there is a flaw with respect to the 25 per cent trigger test. As it stands, a small number of shareholders could dictate the terms and the result. These amendments, we believe, rectify that. It will be the case, if these amendments are passed, that 25 per cent of all available votes will be required. We believe that is an appropriate threshold. I commend the amendments to the House.


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