The Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP, today released draft regulations which will give listed company shareholders the opportunity to receive less repetitive and more user friendly information about director and executive remuneration.
“I want to make sure that the remuneration information provided to listed company shareholders remains relevant to their needs and that duplication is avoided,” said Mr Pearce.
The proposed regulations will modify the Corporations Act 2001 so that listed company shareholders will be able to receive audited information about the remuneration of executives and directors in a single place, in the annual directors’ report. Currently, this information must be repeated in both listed companies’ annual financial reports and again in their annual directors’ reports as a result of the interaction of section 300A of the Corporations Act and Australian accounting standard AASB 1046 - Director and Executive Disclosures by Disclosing Entities.
“The proposed regulations won’t reduce in any way the information available to listed company shareholders, but instead ensure that they have the opportunity to receive information which is meaningful to them,” Mr Pearce said.
The draft regulations and commentary are available on the Treasury website (www.treasury.gov.au).
Interested parties are invited to make submissions and comment on the draft regulations. Submissions should be directed, no later than 27 May 2005, to:
General Manager
Corporations and Financial Services Division
Treasury
Langton Crescent
PARKES ACT 2600
Alternatively, submissions may be lodged electronically at remdisclosure@treasury.gov.au or faxed to (02) 6263 2770.
9 May 2005
MELBOURNE
Contact: Gillian Harvey (03) 9887 3890 or 0411 567 060