The Wire

Last year, the Labor government passed termination pay reforms designed to make it harder for executives to receive excessive golden parachute payments. But instead of curbing rewards paid to company chiefs, executive salaries are going up. Chief executives at 16 of the top-100 companies that have filed reports so far, received an average pay rise of 12 per cent. Under the Labor reforms, shareholder approval is needed for termination payments exceeding one year’s base salary.