Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 (42 of 2011)

Schedule 1  

Part 4   Application provisions

37   At the end of Chapter 10

Add:

Part 10.17 - Transitional provisions relating to the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011

1517 Application of Subdivision B of Division 1 of Part 2D.3

Subdivision B of Division 1 of Part 2D.3 applies in relation to the setting of board limits on or after 1 July 2011.

1518 Application of sections 206J, 206K, 206L and 206M

(1) Section 206J applies to entry into arrangements on or after 1 July 2011, whether the remuneration was for services rendered before, on or after that day.

(2) Section 206K applies to contracts entered into on or after 1 July 2011.

(3) Sections 206L and 206M apply to recommendations made under contracts entered into on or after 1 July 2011.

1519 Application of subsection 249L(2)

Subsection 249L(2) as substituted by the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 applies in relation to AGMs held on or after 1 July 2011.

1520 Application of section 250BB

Section 250BB applies to voting on or after 1 August 2011, whether the proxy was appointed before, on or after that day.

1521 Application of section 250BC

Section 250BC applies to appointments of proxies made on or after 1 August 2011.

1522 Application of section 250BD

Section 250BD applies in relation to voting on or after 1 August 2011, whether the matter that is the subject of the resolution relates to a time before, on or after that day.

1523 Application of subsections 250R(4) to (10)

Subsections 250R(4), (5), (6), (7), (8), (9) and (10) apply in relation to voting on or after 1 August 2011, whether the remuneration report concerned relates to a financial year starting before, on or after that day.

1524 Application of Division 9 of Part 2G.2

Division 9 of Part 2G.2 applies in relation to AGMs held on or after 1 July 2011.

Note: This has the effect that the Division can apply in relation to a company only if both of its 2 most recent AGMs have been held on or after 1 July 2011.

1525 Application of amendments of section 300A

(1) The amendments of section 300A made by the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 apply in relation to remuneration reports for financial years starting on or after 1 July 2011.

(2) Subsection (1) does not apply to the repeal of subsection 300A(1AAA).

Saving of regulations made for paragraph 300A(1)(f)

(3) The amendment of paragraph 300A(1)(f) made by the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 does not affect the validity of any regulations in force for the purposes of that paragraph immediately before that amendment.