Cormann: no more secret salary deals for gov’t corporate executives

By Harley Dennett

Saturday February 18, 2017

Mathias Cormann

The Commonwealth Finance Minister has put an end to secret remuneration packages for government business enterprises.

All government business enterprises have been asked to make public all relevant information in relation to its executive remuneration arrangements for the 2015-16 reporting period, and provide greater transparency in their future annual reports.

Mathias Cormann revealed the change in a statement on Saturday about transparency and accountability in executive remuneration for government businesses.

Cormann said he has written to all chairs of GBEs to also remind them that they need to be conscious of community expectations when setting executive remuneration.

It follows a week of community and media criticism of the package offered to Australia Post’s chief executive Ahmed Fahour — $5.6 million in 2016 revealed by Liberal Senator James Paterson, 10 times the salary of Prime Minister Malcolm Turnbull. Earlier this week, the two shareholder ministers wrote to the Australia Post board asking for greater transparency.

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