Exemptions

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.

Step 1

Commonwealth company decides to seek an exemption.

Step 2

Commonwealth company engages with Finance to discuss reasoning and understand process to request an exemption.

Step 3

Commonwealth company seeks agreement for an exemption from their responsible Minister.

Step 4

Commonwealth company's responsible Minister writes to the Finance Minister formally requesting an exemption.

Step 5

Finance provides advice to the Finance Minister on the exemption request.

Step 6

Finance Minister responds to the responsible Minister with a decision on the request for an exemption.

Step 7

If the Finance Minister agrees to an exemption, Finance registers the legislative instrument (effective immediately but subject to the parliamentary disallowance period).

Step 8

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.


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