Open the books!
The June 26 Financial Review front page article, “Corporate crackdown:
executives forced to reveal their salaries” explained that changes to the
Company Law Review Bill will require companies to explain in their annual
reports the basis for executive salary packages and how this is linked
to company performance.
The bill, now in the Senate, will also require companies to report on
things like compliance with environmental regulations and the use of proxy
votes at shareholders' meetings. Corporate accountability? Sounds too good
to be true, doesn't it?
Australian Institute of Company Directors' chief executive Ian Dunlop
said he “welcomed” greater disclosure, but it had to be done “carefully”,
without being prescriptive about what is disclosed. Dunlop and his filthy-rich
mates -- CEOs earning more than $1 million annually -- have little to fear.
Their friends in parliament will ensure that there will not be too much
prying into their rorts and scams.
Green Left Weekly campaigns in the interests of those at the
other end of the income scale. We support the overhaul of the whole corrupt
system which allows Dunlop and his ilk, a tiny but powerful minority, to
steal the wealth created by workers, and destroy their environment. Green
Left's consequent lack of rich benefactors means that keeping the paper
afloat financially isn't easy.
Green Left Weekly has managed to survive and become Australia's
leading alternative news weekly through the hard work and generosity of
thousands of people.
A contribution to the Green Left Weekly Fighting Fund is a sure
way to help maintain this fighter against injustice and inequality. Even
a few dollars can make a big difference. Green Left Weekly -- it's
your newspaper.
