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

Schedule 1  

Part 1   Remuneration

9   Subsection 249L(2)

Repeal the subsection, substitute:

(2) The notice of the AGM of a listed company must also:

(a) inform members that the resolution referred to in subsection 250R(2) (resolution on remuneration report) will be put at the AGM; and

(b) if at the previous AGM at least 25% of the votes cast on a resolution that the remuneration report be adopted were against adoption of the report (but the same was not the case at the AGM before that):

(i) explain the circumstances in which subsection 250V(1) would apply; and

(ii) inform members that the resolution described in subsection 250V(1) as the spill resolution will be put at the AGM if that subsection applies.

Note: Subsection 250R(2) requires a resolution to adopt a remuneration report for a listed company to be put to the vote at the company’s AGM.