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Remuneration rules populist, heavy handed

AS most companies were winding down for the Christmas break, the parliamentary secretary to the treasurer released an exposure draft: ‘Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011’ as well as a consultation paper: ‘The Clawback of Director and Executive Remuneration in the Event of a Material Misstatement’. Both items follow the government’s response to the Productivity Commission’s recommendations on reforming executive remuneration handed down on January 4 2010.

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