- Disclosures required in relation to “clawback” of overpaid remuneration when company accounts have been found within the prior three financial years to have been material misstated, including a requirement to disclose the policy in these circumstances,
- Remuneration Reports content changes including disclosure of:
- a general description of their remuneration governance framework,
- the number of lapsed options and the year in which the lapsed options were granted, rather than the value of the options,
- all payments made to KMP in connection with a retirement from the company, and
- details of “present pay”, “future pay” and “past pay”.
The Explanatory Memorandum expands on the foregoing points but uses terms that often seem inappropriate. GRG intends to make a submission on the proposed changes.
Copies of the proposed legislative changes and the Explanatory Memorandum may be accessed at: http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Improving-disclosure-requirements
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