Australia's Productivity Commission pleased with response to executive pay report

22 December 2009

The Productivity Commission has said that it enjoyed a "very good" response to its draft report on executive remuneration in Australia.

Chairman Gary Banks told the Age that the advisory body received "an extra 70 submissions on top of the 100 before our draft and many groups turned up at our public hearings".

The commission is due to hand in its final report to the Australian government this week, having initially been brought in to review the country's executive pay regulations in March.

A draft report was published in October and caused some controversy among corporate figures.

One of the most disputed proposals was the recommendation of a "two strikes" system, which could force all executive remuneration reports to face two shareholder votes.

''Out of all this I think we have been able to come up with a robust set of final recommendations," Mr Banks said.

Based in Melbourne and Canberra, the Productivity Commission states that its role is to "help governments make better policies in the long-term interest of the Australian community".