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CEO payouts targeted by Greens

Legal advice to curb excessive CEO payouts via an amendment to the Fair Work Australia Bill 2008 is being sought by the Australian Greens, announced Senator Bob Brown on Saturday.Under the…

user iconLawyers Weekly • 02 March 2009 • NewLaw
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Legal advice to curb excessive CEO payouts via an amendment to the Fair Work Australia Bill 2008 is being sought by the Australian Greens, announced Senator Bob Brown on Saturday.

 
 

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Under the proposal, the Fair Work Australia Commission would review executive salaries before ordinary works are made redundant, requiring a company to explain why the high remuneration should not be lopped in preference to retaining jobs.

"The Greens would use the Howard Government's extension of Commonwealth powers under section 51(20) of the Constitution to regulate the internal affairs of corporations," said Senator Bob Brown.

"The Commission would, for example, see whether a CEO should maintain an extra $1 million while sacking 17 Australian workers on the average wage of $59,000."

- Sarah Sharples

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