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.
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 requirement.