The Finance Minister has the power to exempt a Commonwealth company from one or more of the executive remuneration reporting requirements.
The Finance Minister may require the executive remuneration information to which the exemption applies to be provided to a person or body specified in the exemption. For example, the Finance Minister may require the information to be provided to another minister or a Parliamentary committee.
The exemption is established by a disallowable legislative instrument. The exemption, and any requirement to give the information to a person or body, must be noted in the Commonwealth company’s annual report.
Exemption Process
The diagram below outlines the process to be followed in the event a Commonwealth company wishes to seek an exemption from one or more executive remuneration reporting requirements.
Commonwealth company decides to seek an exemption.
Commonwealth company engages with Finance to discuss reasoning and understand process to request an exemption.
Commonwealth company seeks agreement for an exemption from their responsible Minister.
Commonwealth company's responsible Minister writes to the Finance Minister formally requesting an exemption.
Finance provides advice to the Finance Minister on the exemption request.
Finance Minister responds to the responsible Minister with a decision on the request for an exemption.
If the Finance Minister agrees to an exemption, Finance registers the legislative instrument (effective immediately but subject to the parliamentary disallowance period).
Exempted company publishes the exemption (and any requirement to give the information to a person or body specified by the Finance Minister) in its annual report.
