Thursday, 12 March 2009
- That the Senate—
- supports the measures to address the excesses of executives in the United States of America proposed by President Obama which include:
- a $500,000 salary cap for executives of companies which have received financial support from the government,
- a limit on executive compensation packages to be in restricted stock that will not vest until taxpayers are reimbursed,
- tougher restrictions on ‘golden parachute’ severance payments, particularly on banks, and
- new transparency rules on corporate jets, office renovations and entertainment which require companies to publicise large expenditures; and
- calls on the Government to introduce similar measures in Australia.