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

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

No. 42, 2011

An Act to amend the law relating to corporations, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendment of the Corporations Act 2001 Part 1—Remuneration Part 2—Limits on number of directors Part 3—Voting by proxies as directed Part 4—Application provisions

Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 No. 42, 2011

An Act to amend the law relating to corporations, and for related purposes

[Assented to 27 June 2011]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011.

2 Commencement This Act commences on 1 July 2011.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Corporations Act 2001

Part 1—Remuneration

1 Section 9 Insert: closely related party of a member of the key management personnel for an entity means: (a) a spouse or child of the member; or (b) a child of the member's spouse; or (c) a dependant of the member or of the member's spouse; or (d) anyone else who is one of the member's family and may be expected to influence the member, or be influenced by the member, in the member's dealings with the entity; or (e) a company the member controls; or (f) a person prescribed by the regulations for the purposes of this paragraph.

2 Section 9 Insert: key management personnel for an entity has the same meaning as in the accounting standards.