The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011 (discussed here) has been passed by the House of Representatives with 3 amendments.

These amendments delay the application of three measures contained in the Bill from 1 July 2011 to 1 August 2011.

These measures are:
• The prohibition on key management personnel and their closely related parties from voting their shares in the non-binding vote at a company’s annual general meeting on adoption of the remuneration report about the remuneration of key management personnel;
• The prohibition on key management personnel and their closely related parties exercising undirected proxies on remuneration related resolutions; and
• The measure to prevent ‘cherry-picking’, i.e. the measure to require proxies to vote in the way specified in the appointments.

The timing of the commencement of the Bill and its ultimate form will depend on the Senate.