Footnotes

Chapter 1 - Introduction

[1]        The Hon Wayne Swan MP, Treasurer, at Joint Press Conference with Senator the Hon Nick Sherry, Minister for Financial Services, 18 March 2009, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=transcripts/2009/041.htm&pageID=004&min=wms&Year=&DocType=2, viewed 8 July 2009.

[2]        Treasury website, http://www.treasury.gov.au/contentitem.asp?NavId=066&ContentID=1584, viewed 22 July 2009.

[3]        ASX Corporate Governance Council, Corporate Governance Principles and Recommendations (2^nd Edition), 2007, p. 36.

[4]        Productivity Commission website, http://www.pc.gov.au/projects/inquiry/executive-remuneration, viewed 21 July 2009.

[5]        Parliamentary Joint Committee on Corporations and Financial Services, 'CLERP (Audit Reform and Corporate Disclosure) Bill 2003, Part 1: Enforcement, executive remuneration, continuous disclosure, shareholder participation and related matters,' June 2004, p. 95.

[6]        Parliamentary Joint Committee on Corporations and Financial Services, 'CLERP (Audit Reform and Corporate Disclosure) Bill 2003, Part 1: Enforcement, executive remuneration, continuous disclosure, shareholder participation and related matters,' June 2004, Recommendation 16.

[7]        Parliamentary Joint Committee on Corporations and Financial Services, 'CLERP (Audit Reform and Corporate Disclosure) Bill 2003, Part 1: Enforcement, executive remuneration, continuous disclosure, shareholder participation and related matters,' June 2004, p. 259.

[8]        Mr Geoffrey Miller, General Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 73.

Chapter 2 - Termination Payments

[1]        Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, House of Representatives Hansard, 24 June 2009, p. 20.

[2]        The Hon Wayne Swan MP, Treasurer, at Joint Press Conference with Senator the Hon Nick Sherry, Minister for Financial Services, 18 March 2009, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=transcripts/2009/041.htm&pageID=004&min=wms&Year=&DocType=2, viewed 8 July 2009.

[3]        Explanatory Memorandum, paragraph 2.2.

[4]        Professor David Peetz, Submission 15, p. 4.

[5]        Mr Gary Banks, Chairman, Productivity Commission, 'the Productivity Commission's executive pay inquiry: an update on the issues,' paper presented at FINSIA forum, 4-5 June 2009, p. 2, http://www.pc.gov.au/__data/assets/pdf_file/0011/89579/cs20090603.pdf, viewed 26 June 2009.

[6]        Mr Gary Banks, Chairman, Productivity Commission, 'the Productivity Commission's executive pay inquiry: an update on the issues,' paper presented at FINSIA forum, 4-5 June 2009, pp 2-3, http://www.pc.gov.au/__data/assets/pdf_file/0011/89579/cs20090603.pdf, viewed 26 June 2009.

[7]        ACCI, Submission 4, p. 5.

[8]        Australian Manufacturing Workers Union, Submission 10, p. 3.

[9]        See for example Adam Schwab, 'Curbing golden handshakes: nothing succeeds like failure,' 19 March 2009, http://www.crikey.com.au/2009/03/19/curbing-golden-handshakes-nothing-succeeds-like-failure/, viewed 8 July 2009; Catherine Fox, 'Pay Check,' AFRBOSS.COM.AU, July 2009.

[10]      Senator the Hon Nick Sherry, Minister for Financial Services, at Joint Press Conference with the Hon Wayne Swan MP, Treasurer, at Joint Press Conference with, 18 March 2009, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=transcripts/2009/041.htm&pageID=004&min=wms&Year=&DocType=2, viewed 8 July 2009.

[11]      Regnan, Submission 7, Attachment 'Regnan Remuneration Proposal – March 2009, p. 19.

[12]      Michael West, 'Golden chutes back in vogue', Sydney Morning Herald, 27 November 2008, cited in Professor David Peetz, Submission 15, p. 24

[13]      Stephen Mayne, 'Biggest golden parachutes in corporate Australia,' Mayne Report, cited in Professor David Peetz, Submission 15, p. 20.

[14]      ABC Online, PM, 'New law to tackle corporate pay excess,' http://www.abc.net.au/pm/content/2008/s2519973.htm, viewed 7 July 2009.

[15]      Mr David Quilty, Telstra Ltd, quoted in ABC Online, PM, 'New law to tackle corporate pay excess,' http://www.abc.net.au/pm/content/2008/s2519973.htm, viewed 7 July 2009.

[16]      Damon Kitney and Fiona Buffini, '$100m payout bonanza to CEOs,' Australian Financial Review, 6 December 2004.

[17]      Geof Stapledon, 'Termination benefits for Executives of Australian Companies', Sydney Law Review, Vol 27, p. 700, 2005. http://www.law.usyd.edu.au/slr/slr27_4/Stapledon.pdf, viewed 17 July 2009.

[18]      Kym Sheehan and Colin Fenwick, Research Report, 'Seven: the Corporations Act, corporate governance, and termination payments to senior employees,' Centre for Corporate Law and Securities Regulation, University of Melbourne, 2007, p. 10., http://cclsr.law.unimelb.edu.au/download.cfm?DownloadFile=722D87A5-1422-207C-BA2DF86F9596602F, viewed 10 July 2009.

[19]      Hay Group, Submission 6, p. 2.

[20]      Treasury, Submission 22, p. 7.

[21]      AICD, 'Executive Termination Payments,' Position Paper no. 13, Oct 2008, p. 2. http://www.companydirectors.com.au/NR/rdonlyres/17559EF2-5AB7-47DF-A647-46B5A3C05E93/0/AICDPositionPaperNo13ExecutiveTerminationPayments.pdf, viewed 16 July 2009.

[22]      BCA, Submission 9, p. 1; ACCI, Submission 4, Attachment, p. 3.

[23]      Geof Stapledon, 'Termination benefits for Executives of Australian Companies', Sydney Law Review, Vol 27, p. 708., 2005. http://www.law.usyd.edu.au/slr/slr27_4/Stapledon.pdf, viewed 17 July 2009.

[24]      Ernst & Young, Submission 20, p. 2.

[25]      AICD, 'Executive Termination Payments,' Position Paper no. 13, Oct 2008, Footnote 1, http://www.companydirectors.com.au/NR/rdonlyres/17559EF2-5AB7-47DF-A647-46B5A3C05E93/0/AICDPositionPaperNo13ExecutiveTerminationPayments.pdf, viewed 16 July 2009.

[26]      Mr Peter Crone, Policy Director, Business Council of Australia, Proof Committee Hansard, 25 August 2009, p. 6.

[27]      BCA, Submission 9, pp 1-2.

[28]      Mr John Colvin, Chief Executive Officer, Australian Institute of Company Directors, Proof Committee Hansard, 25 August 2009, p. 46.

[29]      Professor David Peetz, Submission 15, p. 19.

[30]      ACSI, Submission 13, p. 1.

[31]      ACCI, Submission 4, p. 7.

[32]      Law Council of Australia, Submission 23, p. 6.

[33]      Treasury, Submission 22, pp 2-3.

[34]      ACSI, Submission 13, p. 1.

[35]      AMWU, Submission 10, p. 3.

[36]      Mr Peter McAuley, Director, Guerdon Associates, Proof Committee Hansard, 25 August 2009, p. 61.

[37]      AMWU, Submission 10, p. 3.

[38]      AMWU, Submission 10, p. 2.

[39]      Proof Committee Hansard, 25 August 2009, p. 12.

[40]      BCA, Submission 9, p. 2.

[41]      BCA, Submission 9, p. 3.

[42]      Hay Group, Submission 6, p. 4.; ABA, Submission 24, p. 1.; Mrs Heather Ridout, Chief Executive, Australian Industry Group, Media Release, 'Australian Industry Group comment on Federal Government's announcement on executive salaries and Productivity Commission inquiry into "golden handshakes",' 18 March 2009; ACCI, Submission 4, Attachment, p. 2.

[43]      IFSA, Submission 25, p. 4.

[44]      Ms Ann Byrne, Chief Executive Officer, ACSI, Proof Committee Hansard, 25 August 2009, p 22.

[45]      Ms Ann Byrne, Chief Executive Officer, ACSI, Proof Committee Hansard, 25 August 2009, pp. 25-26.

[46]      BHP Billiton, Submission 5, pp 2-3.

[47]      AICD, Submission 12, p. 2.

Chapter 3 - Consideration of the bill

[1]        ACCI, Submission 4, p. 1; Guerdon Associates, Submission 1¸ p. 6; BHP Billiton, Submission 5, p. 2; Hay Group, Submission 6, p. 1., AICD, Submission 12, p. 3.; BCA, Submission 9, p. 1; KPMG, Submission 16, p. 3, Abacus, Submission 21, p. 1.

[2]        Proof Committee Hansard, 25 August 2009, p. 46.

[3]        Mr Erik Mather, Managing Director, Regnan Governance Research and Engagement Ltd, Proof Committee Hansard, 25 August 2009, p. 29.

[4]        Mr Geoffrey Miller, General Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 76.

[5]        Mr Gary Banks, Chairman, PC, 'the Productivity Commission's executive pay inquiry: an update on the issues,' paper presented at FINSIA forum, 4-5 June 2009, pp 10-11, http://www.pc.gov.au/__data/assets/pdf_file/0011/89579/cs20090603.pdf, viewed 26 June 2009.

[6]        ACSI, Submission 13, p. 1.

[7]        Professor David Peetz, Submission No. 15, p. 25.

[8]        Australian Compliance Institute, Submission No. 3, Attachment, p. 2.

[9]        Origin Energy, Submission No. 2, p. 1; ABA, Submission 24, p. 1; IFSA, Submission 25, pp 1‑2.

[10]      Guerdon Associates, Submission 1, p. 5.

[11]      Proof Committee Hansard, 25 August 2009, p. 59.

[12]      BHP Billiton, Submission 5, p. 2.

[13]      AMWU, Submission 10, pp 4-5.

[14]      Ms Ann Byrne, Chief Executive Officer, ACSI, Proof Committee Hansard, 25 August 2009, p. 23.

[15]      Mr Phillip Spathis, Manager, Strategy and Engagement, Australian Council of Superannuation Investors, Proof Committee Hansard, 25 August 2009, p. 23.

[16]      Mr Erik Mather, Managing Director, Regnan Governance Research and Engagement Pty Ltd, Proof Committee Hansard, 25 August 2009, p. 37.

[17]      Chartered Secretaries Australia, Submission 13, pp 4-5.

[18]      BCA, Submission 9, p. 3.

[19]      BHP Billiton, Submission 5, p. 2.

[20]      AICD, Submission 12, p. 3.

[21]      Australian Compliance Institute, Submission 3, Attachment, p. 1.

[22]      Guerdon Associates, Submission 1, p. 6

[23]      Origin Energy, Submission 2, p. 4.

[24]      ACSI, Submission 13, p. 2.

[25]      Professor David Peetz, Submission 15, pp 25-26.

[26]      Australian Human Resources Institute/Holding Redlich, fact sheet, 'Notice of Termination and Redundancy Pay', pp 1-2, http://www.fairworkaustralia.ahri.com.au/docs/fwrc_notice_of_termination_and_redundancy_pay_factsheet.pdf, viewed 5 August 2009; Fair Work Ombudsman, Fact Sheet, 'Termination of employment', http://www.fwo.gov.au/Fact-sheets/Documents/FWO-Factsheet-Termination-of-employment.pdf, p. 2., viewed 5 August 2009

[27]      Law Council, Submission 23, p. 7.

[28]      AICD, Submission 12, p. 3.

[29]      Mr Peter McAuley, Director, Guerdon Associates, Proof Committee Hansard, 25 August 2009, p. 59.

[30]      Schedule 1, Item 31, paragraph 200F(4)(e); Item 37, paragraph 200G(3)(e).

[31]      Chartered Secretaries Australia, Submission 18 p. 8.

[32]      Origin Energy, Submission 2, p. 2; Hay Group, Submission 6, p. 4.

[33]      Mr Bede Fraser, Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 79.

[34]      Hay Group, Submission 6, p. 4; Australian Compliance Institute, Submission 3, Attachment, p. 1; Origin Energy, Submission 2, p. 3; Ernst & Young, Submission 20, p. 7; IFSA, Submission 25, p. 2.

[35]      AICD, Submission 12, p. 1.

[36]      Mr Nicholas Hossack, Director, Prudential, Payments and Competition Policy, ABA, Proof Committee Hansard, 25 August 2009, p. 47.

[37]      Mr Nicholas Hossack, Director, Prudential, Payments and Competition Policy, ABA, Proof Committee Hansard, 25 August 2009, p. 52.

[38]      ABA, Submission 24, pp 1-2.

[39]      Guerdon Associates, Submission 1, pp 3-4.

[40]      BCA, Submission 9, p. 5.

[41]      IAGL, Submission 14, p. 5.

[42]      Proof Committee Hansard, 25 August 2009, p. 5.

[43]      Ernst & Young, Submission 20, p. 7.

[44]      QBE Insurance, Submission 26, p. 1.

[45]      RiskMetrics data, cited in Professor David Peetz, Submission 15, p. 10.

[46]      Proof Committee Hansard, 25 August 2009, p. 15.

[47]      ACSI, Submission 13, p. 2.

[48]      ACSI, Submission 13, Attachment 1, p. 6.

[49]      Treasury, Submission 22, p. 9.

[50]      Treasury, Submission 22, p. 9.

[51]      AICD, Submission 12, Attachment, p. 9.

[52]      Law Council of Australia, Submission 23, p. 2.

[53]      Law Council of Australia, Submission 23, p. 2.

[54]      Mr Peter Abraham, Chartered Secretaries, Proof Committee Hansard, 25 August 2009, p. 71.

[55]      Mr Alex Christie, Deputy Head of Group, Human Resources, Insurance Australia Group, Proof Committee Hansard, 25 August 2009, p. 9.

[56]      Guerdon Associates, Submission 1, p. 5; BCA, Submission 9, p. 3; Ernst & Young, Submission 20, p. 7; Origin Energy, Submission 2, p. 4; ACCI, Submission 4, Attachment, p. 5; ABA, Submission 24, p. 2; Insurance Australia Group, Submission 14, p. 5; IFSA, Submission 25, p. 1.

[57]      AMWU, Submission 10, p. 7.

[58]      Proof Committee Hansard, 25 August 2009, p. 14.

[59]      Ms Ann Byrne, Chief Executive Officer, Australian Council of Super Investors, Proof Committee Hansard, 25 August 2009, p. 26.

[60]      Treasury, Submission 22, p. 10.

[61]      Mr Geoffrey Miller, General Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 77.

[62]      Explanatory Memorandum, p. 3.

[63]      Guerdon Associates, Submission 1, p. 3 (footnote).

[64]      Professor David Peetz, Submission 15, pp 25-26.

[65]      Ernst & Young, Submission 20, p. 6.

[66]      Mr Peter Abraham, LRC Committee, Chartered Secretaries Australia, Proof Committee Hansard, 25 August 2009, p. 67.

[67]      ABA, Submission 24, p. 3.; BCA, Submission 9, p. 6.; Hay Group, Submission 6, p. 4.; Regnan, Submission 7, p. 5.; Rio Tinto, Submission 17, p. 3.

[68]      BHP Billiton, Submission 5, p. 3.

[69]      Regnan, Submission 7, p. 5; RiskMetrics, Submission 11, p. 2; ACSI, Submission 13, p. 2; IFSA, Submission 25, p. 3.

[70]      Bluescope Steel, Submission 8, p. 1; Guerdon Associates, Submission 1, pp 4-5.; KPMG, Submission 16, p. 2.

[71]      Mercer, Submission 27, p. 1.

[72]      KPMG, Submission 16, p. 2; ABA, Submission 24, p. 3; IFSA, Submission 25, p. 3.

[73]      RiskMetrics, Submission 11, p. 3.

[74]      ACSI, Submission 13, p. 2.

[75]      Mr Geoffrey Miller, General Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 74.

[76]      Law Council of Australia, Submission 23, p. 7.

[77]      Treasury, note on revised draft regulations, July 2009, p. 2.

[78]      BCA, Submission 9, p. 2.

[79]      Ian McIlwraith, 'Capping Salaries: a fraught business,' Age, 19 March 2009.

[80]      AICD, Position Paper No. 13, 'Executive Termination Payments,' October 2008, p. 4.

[81]      Ms Ann Byrne, Chief Executive Officer, ACSI, Proof Committee Hansard, 25 August 2009, p. 24.

[82]      Treasury, Submission 22, p. 10.

[83]      Treasury, Submission 22, p. 10.

[84]      Treasury, Submission 22, p. 10.

[85]      ACSI, Submission 13, p. 1.

[86]      Law Council of Australia, Submission 23, p. 2.

[87]      AICD, Submission 12, p. 3; ABA, Submission 24, p. 2; Guerdon Associates, Submission 4, p. 4; IFSA, Submission 25, p. 2.

[88]      Ernst & Young, Submission 20, p. 4.

[89]      Chartered Secretaries Australia, Submission18, p. 4.

[90]      Ernst & Young, Submission 20, p. 8.

[91]      Law Council of Australia, Submission 23, p. 4.

[92]      Law Council of Australia, Submission 23, p. 5.

[93]      ACSI, Submission 13, p. 1.

[94]      Chartered Secretaries Australia, Submission18, p. 4.

[95]      Origin Energy, Submission 2, p. 3; BCA, Submission 9, p. 5; Hay Group, Submission 6, p. 5; KPMG, Submission 16, p. 2; Law Council of Australia, Submission 23¸ pp 4-5; ABA, Submission 24, p. 2; Rio Tinto, Submission 17, p. 2; Insurance Australia Group, Submission 14, p. 4.

[96]      Mr Stephen Consedine, Company Secretary, Rio Tinto Limited, Proof Committee Hansard, 25 August 2009, pp 2-3.

[97]      Mr Nicholas Hossack, Director, Prudential, Payments and Competition Policy, Australian Bankers' Association, Proof Committee Hansard, 25 August 2009, p. 52.

[98]      Mr John Colvin, Chief Executive Officer, Australian Institute of Company Directors, Proof Committee Hansard, 25 August 2009, p. 37.

[99]      RiskMetrics, Submission 11, p. 1.

[100]    Mr Geoffrey Miller, General Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 77.

[101]    Explanatory Memorandum, p. 3.

[102]    BCA, Submission 9, p. 5.; Rio Tinto, Submission 17, p. 2; Chartered Secretaries Australia, Submission 18, p. 8; ABA, Submission 24, p. 2.

[103]    Mr Peter McAuley, Director, Guerdon Associates, Proof Committee Hansard, 25 August 2009, p. 59.

[104]    Explanatory Memorandum, p. 3.

[105]    BCA, Submission 9, p. 7; Rio Tinto, Submission 17, p. 4.

[106]    Australian Compliance Institute, Submission 3, p. 1.

[107]    Chartered Secretaries Australia, Submission 18, p. 7; Rio Tinto, Submission 17, p. 2.

[108]    Ms Judith Fox, Director, Policy, Chartered Secretaries Australia, Proof Committee Hansard, 25 August 2009, p. 70.

[109]    Mr Tim Sheehy, Chief Executive, Chartered Secretaries Australia, Proof Committee Hansard, 25 August 2009, p. 66.

[110]    Geof Stapledon, 'Termination benefits for Executives of Australian Companies', Sydney Law Review, Vol 27, 2005. http://www.law.usyd.edu.au/slr/slr27_4/Stapledon.pdf, viewed 17 July 2009, p. 712.

[111]    Geof Stapledon, 'Termination benefits for Executives of Australian Companies', Sydney Law Review, Vol 27, 2005. http://www.law.usyd.edu.au/slr/slr27_4/Stapledon.pdf, viewed 17 July 2009, p. 712.

[112]    Mr Phillip Spathis, Manager, Strategy and Engagement, Australian Council of Super Investors, Proof Committee Hansard, p. 25.

[113]    Treasury, Submission 22, p. 3.

[114]    Mr Bede Fraser, Manager, Corporations and Financial Services Division, Treasury, Proof Committee Hansard, 25 August 2009, p. 76.

[115]    BCA, Submission 9, p. 3; Chartered Secretaries Australia, Submission 18, p. 2; Bluescope Steel, Submission 8, p. 1; Origin Energy, Submission 2, p. 2; Rio Tinto, Submission 17, p. 4.

[116]    Treasury, Submission 22, p. 11

[117]    AMWU, Submission 10, p. 7.

[118]    Treasury, Submission 22, p. 5.

[119]    Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, Proof House of Representatives Hansard, 24 June 2009, p. 21.

[120]    Treasury, Submission 22, p. 9.

[121]    ABA, Submission 24, p. 4; BCA, Submission 9, p. 7; Chartered Secretaries Australia, Submission 18, p. 8; Bluescope Steel, Submission 8, p. 2; Guerdon Associates, Submission 1, p. 5; Ernst & Young, Submission 20, p. 8; Rio Tinto, Submission 17, p. 4; IFSA, Submission 25, p. 4.

[122]    Clatyton Utz website, http://www.claytonutz.com/publications/news/200906/24/termination_payments_good_news_bad_news.page, viewed 9 July 2009; Mallesons Stephen Jaques website, http://www.mallesons.com/publications/2009/Jun/9966946W.htm, viewed 7 July 2009.

[123]    Explanatory Memorandum, paragraph 2.45, p. 15.

[124]    AICD, Submission 12, p. 2.

[125]    AMWU, Submission 10, p. 7.

[126]    AMWU, Submission 10, p. 7.

[127]    RiskMetrics, Submission 11, p. 2.

[128]    Mr Phillip Spathis, Manager, Strategy and Engagement, Australian Council of Superannuation Investors, Proof Committee Hansard, 25 August 2009, p. 25.

Coalition Senators’ Additional Comments

[1]        Gary Banks, Chairman, Productivity Commission, update on the executive pay inquiry to FINSIA, June 2009

Additional Comments by Senator Cameron

[1]        Professor David Peetz, Submission 15, p 2.

[2]        Professor David Peetz, Submission 15, pp 2-5.

[3]        Australian Council of Super Investors Inc, CEO Pay in the Top 100 Companies: 2007, Research Paper, RiskMetrics, ISS Governance Services.

[4]        Baker, Dean, The Productivity to Paycheck Gap: What the Data Show, Centre for Economic and Policy Research, Washington, April 2007 (available at http://www.cepr.net/index.php/publications/reports/the-productivity-to-paycheck-gap-what-the-data-show).

[5]        Proof Committee Hansard, 25 August 2009, pp 15-16.

[6]        Proof Committee Hansard, 25 August 2009, p 45.

[7]        Proof Committee Hansard, 25 August 2009, pp 59-60.

[8]        Proof Committee Hansard, 25 August 2009, p 28.

[9]        Peter Montagnon, Director of Investment Affairs, Association of British Insurers.

[10]      Secretary-General, Trades Union Congress.

[11]      House of Commons Treasury Committee, Banking Crisis: reforming corporate governance and pay in the City, Ninth Report of Session 2008-09, 12 May 2009, p 32.

[12]      House of Commons Treasury Committee, Ninth Report of Session 2008-09, p 33.

[13]      Professor David Peetz, Submission 15, p 12.

[14]      Mr Peter Crone, Policy Director, Business Council of Australia, Proof Committee Hansard, 25 August 2009, p 5.

[15]      Mr Peter Crone, Policy Director, Business Council of Australia, Proof Committee Hansard, 25 August 2009, p 7.

[16]      Mr Erik Mather, Managing Director, Regnan Governance Research and Engagement Pty Ltd, Proof Committee Hansard, 25 August 2009, p 31.

[17]      Professor David Peetz, Proof Committee Hansard, 25 August 2009, p 12.

Minority Report by Senator Xenophon

[1] Professor David Peetz, Submission 15, pg 4

[2] ibid, pg 23

[3] Treasury, Submission 22, pg 4

[4] ibid, pg 5

[5] Guerdon Associates Pty Ltd, Submission 1, pg 3

[6] RiskMetrics Australia, Submission 11, pg 2

[7] ibid, pg 2

[8] Parliamentary Library, Bills Digest – Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009, 05 August 2009, pg 4

[9] Emma Alberici, ABC The World Today, Telstra shareholders reject directors' pay rise, 07 November 2007

http://www.abc.net.au/worldtoday/content/2007/s2084383.htm

[10] Treasury, Submission 22, pg 2

[11] ibid, pg 2

[12] Professor David Peetz, Submission 15, pg 23

[13] ibid, pg 23

[14] Australian Council of Super Investors, Submission 13, pg 2

[15] Dean Paatsch, The Age, Tackling tax breaks is vital as CEO salaries soar, 03 May 2008 http://business.theage.com.au/business/tackling-tax-breaks-is-vital-as-ceo-salaries-soar-20080502-2aeo.html?page=-1

[16] ibid

[17] Professor David Peetz, Submission 15, pg 27

[18] ibid, pg 27