The latest from Australia’s Treasury indicates that the specific changes to Corporations Act s300A director and executive remuneration disclosure requirements will not be available in draft form until “late September”, subject to Mr Costello’s approval.
Readers may recall that we flagged these changes in June. On August 15 the Treasurer announced the Australian Government’s final response to the Banks Taskforce report Rethinking Regulation: Report of the Taskforce on Reducing Regulatory Burdens on Business, addressing all 178 of its recommendations. The Government has agreed in full or in part to 158 of the recommendations, including two that related to remuneration disclosure.
In all, Treasury received 19 submissions on these matters. That seems to pale against the over 20,000 that the USA’s SEC received regarding changes to their disclosure regime run over roughly the same period. This may reflect either one of, or both of the following:
- Australians are not too interested in simplifying remuneration disclosures; or
- The Australian disclosure requirements were not as broken as those of our US cousins!