The Minister for Financial Services, Superannuation and Corporate law, Chris Bowen MP, has released the final Regulations and explanatory material in relation to the proposed reforms to termination payments in the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009.
The Regulations:
- provide a definition for ‘base salary’;
- clarify and expand the types of benefits that are (and are not) subject to shareholder approval; and
- prescribe circumstances in which a benefit is given in connection with a person’s retirement.
