Australia’s Federal Treasury released a discussion paper for a new round of corporate law economic reform. Expect more change to reward disclosure requirements. However, this time it is by and large for the better.
The suggested changes include:
- Separating the remuneration report from the directors report
- Deleting the remuneration report from the concise version of the annual report, and replacing this with summary tables of executive and director compensation
- Harmonising and removing duplication between the varying remuneration reporting requirements specified by the Australian Accounting Standards Board and Corporations Act (and Regulations)
Other Corporations Act changes are also being considered to remove costly compliance burdens in regard to remuneration. These include:
- Increasing the amounts for financial benefits provided to Directors, their spouses and related parties allowable without shareholder approval
- Reducing the prospectus and other disclosure requirements for employee share ownership plans for unlisted companies.
Further details can be found HERE© Guerdon Associates 2023 Back to all articles