Corporations Act Amendments Now In Place – Includes Changes To Company Reporting Requirements And Rights Issues

The Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 amends the Corporations Act in a number of areas, including company reporting, corporate governance and fundraising. In this update we highlight some of the key corporate changes.

Disclosure of executive remuneration for listed companies

Listed companies must now disclose the remuneration of:

• "key management personnel" as defined in the accounting standards – this includes directors, but also extends to "persons having authority and responsibility for planning, directing and controlling the activities of the company"; and

• the 5 highest paid executives.

This disclosure is to be made in the director's report instead of the financial report.