GuerdonNews® Volume 7 Number 7

August 2011


Welcome to the August 2011 issue of GuerdonNews®

In this issue we:

• Note with concern how the departures of senior ISS management contributes to uncertainty in the 1st year of the "2 strikes" remuneration law , given the proxy firm's influence on institutional shareholders' votes
• Advise that Canada, after text book consultation and state based coordination, is proceeding with its remuneration disclosure changes
• Confirm that the AASB is doing away with the requirement to disclose individual executive pay in its standards
• Report the essence of submissions made to Treasury on additional executive pay regulation
• Provide “2 strikes” law survey results from stakeholders representing all sides of the executive pay debate

We conclude with the latest on executive and director remuneration disclosure updates available on the GuerdonData® on-line database.

Proxy firm personnel departures

The management team at ISS Australia has resigned prior to the start of the main Australian proxy season and the 1st year of the 2 strikes rule.

The team was comprised of Martin Lawrence, Simon Connel and Marty Chang. Their departure follows the departure of Dean Paatsch at almost the same time last year.

The departures have contributed to uncertainty in the 1st year of the "two strikes" law.

Accountings standards on remuneration reporting to change

The Australian Accounting Standards Board will no longer require the reporting of individual KMP remuneration.

On 8 July 2011 the AASB issued AASB 2011-4 "Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements".

AASB 2011-4 amends AASB 124 Related Party Disclosures with effect for annual reporting periods beginning on or after 1 July 2013.

But do not get your hopes up. Early adoption is not permitted.

Unanimous disapproval of Australian government’s 2 strikes legislation by all stakeholders

Latest survey results

Over 100 representatives from the four main governance constituencies – major superannuation funds, fund managers, non-executive directors and senior executives – attending the 5th annual CGI Glass Lewis & Guerdon Associates Remuneration Forum held in Sydney expressed their strong disapproval of how the "two strikes" and related legislation has been framed.

Canada’s new pay rules

It is not just Australia implementing new executive remuneration reporting requirements.

We have already noted changes in US disclosures, as well as UK and European changes. The Canadians are also about to introduce changes which will impact some dual listed Australian companies.

Latest GuerdonData® Updates

Updates to GuerdonData® include disclosures from the following 10 companies:

Acrux Limited,Aurora Oil & Gas Limited, Bathurst Resources Limited, Beadell Resources Limited, Campbell Brothers Limited, Cockatoo Coal Limited, Conquest Mining Limited , Imdex Limited, Om Holdings Limited, Ramelius Resources Limited

Executive and director remuneration data from all ASX 300 companies on GuerdonData® is available to any subscriber. Visit our website for more information on GuerdonData®.

Assess how easily you can find out director and executive pay information by viewing our 6 minute demo. Click on the “More Info” button below.


The information, analysis and opinion in this e-mail and attachments are intended to be for informational purposes only. Analyses are based on information taken from public documents or private surveys, and we do not represent to its accuracy. Guerdon Associates assumes no liability for the use or interpretation of information contained herein. This publication is provided 'as is' without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of marketability, fitness for a particular purpose, or non-infringement of third party rights.

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  Copyright © 2011 Guerdon Associates

ISSN 1834-8300