Open the books!
The June 26 Financial Review front page article, “Corporate crackdown: executives forced to reveal their salaries” explained that changes to the Company Law Review Bill will require companies to explain in their annual reports the basis for executive salary packages and how this is linked to company performance.Ìý
The bill, now in the Senate, will also require companies to report on things like compliance with environmental regulations and the use of proxy votes at shareholders' meetings. Corporate accountability? Sounds too good to be true, doesn't it?
Australian Institute of Company Directors' chief executive Ian Dunlop said he “welcomed” greater disclosure, but it had to be done “carefully”, without being prescriptive about what is disclosed. Dunlop and his filthy-rich mates — CEOs earning more than $1 million annually — have little to fear. Their friends in parliament will ensure that there will not be too much prying into their rorts and scams.
91×ÔÅÄÂÛ̳ Weekly campaigns in the interests of those at the other end of the income scale. We support the overhaul of the whole corrupt system which allows Dunlop and his ilk, a tiny but powerful minority, to steal the wealth created by workers, and destroy their environment. Green Left's consequent lack of rich benefactors means that keeping the paper afloat financially isn't easy.
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