please ,sir,can i have some less

That is the heading of the cover story in todays Business Age

"Executives are rushing to be seen to be sacrificing pay,but not allways out of altruism

Losses,a new law and feisty shareholders are exerting pressure to stop the greed"

The double page article is all about the effect the new law on voting on the Remuneration Report.

Lists 23 companies in the ASX 300 where 25% or more of shareholders voted DOWN the Remuneration Report at the last AGM

If that 25% NO vote happens to any of these 23 companies at the next AGM then shareholders will automaticly vote on whether to go to a spill of the Board

If more than 50% of shareholders vote in favour of the spill motion,anothermeeting must be held within 90 days
when all directors must seek re-election.
The threshold at the second meeting is also 50%

Also quotes 8 leaders of companies ,including Peter Scott of Prudential"who in June said"my own remuneration will be reduced by 42%" as part of cost cutss at Perpetual
Average pay for non-execetive directors will fall by 25%

Well worth buying the paper for the whole article

This really throws the gauntlet at the management of all underperfoming companies

Shareholders of CCC get to vote on the Remuneration Report later this year

Interesting times