13 July 2005 
 
The Institute of Chartered Accountants in Australia has welcomed the Federal Government's amendment to Corporations Regulations under the Corporations Act that attempts to alleviate duplicate salary disclosure of Executives and Directors remuneration in listed companies.  
 
“We are pleased that the Federal Government has recognised the impracticalities of duplicate disclosure with the amendment to the Corporations Act stating that if Senior Executives are the highest paid in the organisation, salary disclosure is only required in the Directors report,” said Keith Reilly, Technical Standards Advisor, Institute of Chartered Accountants in Australia.  
 
“However, in some companies there are other executives paid higher than the Senior Executives through bonuses and commission payments, and in these cases duplicate disclosure will still be required as part of AASB reporting and the Government’s CLERP 9 legislation,” Reilly continued.  
 
The Institute said that while the Federal Government has made some attempt to alleviate the duplicate disclosure, there is still some way to go to ensure an unnecessary administrative burden is not enforced on Australian businesses.  
 
It believes the simplest and most effective way to eliminate ongoing duplication and confusion is for Parliament and the AASB to agree on what executive remuneration disclosure is required. For example, disclosure of the five highest paid executives including the CEO and the CFO if not in the top five, would be sufficient.