Australia is proposing some innovative steps to address concerns about executive pay. This week, the Productivity Commission released a detailed discussion document outlining a series of reforms which it hopes will improve board accountability, remove conflicts of interest and enhance …
Read MoreAustralian Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen has delighted Australian shareholders with plans to introduce extensive executive remuneration reforms designed to force boards to be more accountable and give shareholders more power.
In a ringing endorsement …
Read MoreIn December 2007, ASIC commenced civil penalty proceedings in the Supreme Court of Victoria against six former directors and officers of AWB Ltd, the ex-ASX 100 constituent. The trial against the former CEO, Andrew Lindberg began in the Victorian Courts …
Read MoreIn Australia, litigation funding arrangements have not previously been considered to be managed investment schemes – however class action funders are now being forced to review procedures. According to Allens Arthur Robinson, the 2-1 majority decision by Australia’s Federal Court …
Read MoreAustralia’s Productivity Commission will submit its final report on executive remuneration to the Federal Government on 19 December. The Productivity Commission was asked to undertake a public inquiry into the regulatory framework around remuneration of directors and executives of companies …
Read MoreWith the AGM of Fairfax Media due to be held on 10 November, Fairfax directors John B Fairfax and his son Nicholas have released a public statement indicating that the will vote against the re-election of the Chairman, Ron Walker, …
Read MoreIn a pre-trial debate, AWB has stated that it does not consider “transport fees” paid to a Jordanian transport company, which had close connections to the Iraqi government, to be a bribe. The Age has reported that the pre-trial debate …
Read MoreThe Australian Prudential Regulation Authority (APRA) has today released a second consultation package on remuneration at financial institutions. This second package comprises a response paper to the submissions, together with revised draft versions of the relevant governance standards and an …
Read MoreThe New South Wales Supreme Court has imposed bans and penalties on former directors and officers of James Hardie following the ruling in April 2009 by Justice Ian Gzell that the ten had breached their duties to the company in …
Read MoreAustralia’s Business Day has reported that The Australian Securities and Investments Commission (‘ASIC’) wants seven former non-executive directors and three former executives at James Hardie banned from company directorships for at least five years each and fined a total of …
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