Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

When I read ‘one to two per cent’ for off balance sheet exposures, it should have been ‘1.2 per cent’. I read the dash as a dot. I just wanted to make sure that is on the record. As I have said, senators can question APRA in far greater detail about the specifics of these exposures.

In response to Senator Brown, I am not on the board of a company; I do not sit down and determine the relative worth of an executive and what they should be paid. Boards, superannuation funds, funds managers and their shareholders carry out that process. They come to a conclusion about the relative worth of senior executives. I do not know whether, when they look at that relative worth, they look at the pay of the Prime Minister, the Treasurer, or anyone else, for that matter. I do not know what the comparative evaluation benchmarks are. What I am very confident about is that boards, shareholders and fund managers, particularly in the current market, will be very rigorous in their assessment of the pay of executives this year and in the coming years.