About the Australian Shareholders' Association
For over 50 years, the Australian Shareholders’ Association has been dedicated to standing up for shareholders.
Through its monitoring of ASX listed companies, advocacy and shareholder education programs, the ASA has been
instrumental in improving the financial literacy and engagement of shareholders and the corporate governance of
Australian companies.
MEDIA RELEASE
ASA welcomes Productivity Commission final recommendations
Monday, 4 January 2010
ASA Chief Executive Stuart Wilson today welcomed the Productivity Commission final report and
recommendations on executive remuneration in Australia. The final report comes after draft
recommendations were made in September 2009 and subject to further consultation.
Mr Wilson commented, “Shareholders are heartened to see that the Commissioners have by and
large maintained their draft recommendations made in September 2009, with some finessing.
Although the ‘two strikes’ proposal, has been altered and is more complicated, the underlying
principle of making directors personally accountable for board decisions on
executive
remuneration remains.”
Mr Wilson issued a note of caution saying that, “These are only recommendations and the
Government, the ASX, ASIC and the ASX Corporate Governance Council are all required to take
action to implement the Commission’s recommendations. The Minister, Mr Chris Bowen, should
take a strong role in ensuring that changes from all of these agencies are forthcoming. It would be
very disappointing for shareholders to see the momentum for change which has been built during
the last year lost.”
For further information, contact:
Stuart Wilson
Chief Executive Officer
Phone: 1300 368 448
Mobile: 0421 705 251
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