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Submission season is here
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  arrow Key Messages
arrow Members interests were presented in two key submissions issued recently under the Joint Accounting Bodies banner
arrow A submission was issued on exposure draft Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009
arrow A submission was issued to the Productivity Commission on the regulation of director and executive remuneration in Australia. 		 

The Institute, together with the other professional accounting bodies, have made two submissions on key issues that have recently been played out in the media and public policy debate.  
 
The JAB wrote to Treasury commenting on the exposure draft of the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009. The submission raised a number of issues including:

  • The definition of base salary
  • The extension of the coverage to include all executives included in the remuneration report under the termination legislation
  • The timing around approval of benefits being after the executive has left
  • Clarification around superannuation inclusions and exclusions under the Corporations Amendment Regulations 2009
  • Clarification around the use of the term share options and stock options under the Corporations Amendment Regulations 2009 and Corporations Act 2001.
The second submission was sent to the Productivity Commission last week on the regulation of director and executive remuneration in Australia. While some of the issues contained in this submission overlapped with the Treasury submission, other matters raised included:
  • The relationship between remuneration policy and company performance
  • Remuneration disclosure
  • Tax implications of executive remuneration
  • Non-binding vote
  • Non-recourse loans.
Karen McWilliams, Manager of Chartered Accountants in Business, says, ’it is important for the Institute to be involved in the inquiry as this is a matter of public interest as well as potentially impacting the wider membership.’  
 
 
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Last updated: Thursday, 11 June 2009