Federal Treasurer Scott Morrison says he will move within weeks to introduce laws to tighten rules on banks’ executive pay and bonuses.
The major banks are stockmarket-listed companies and as such the Federal Government, unless it means to take a major stake in the banks, can have no say in this matter.
Shareholders in ANZ, Commonwealth, Westpac and the NAB — the big four banks — have the final say on their executives’ pay and can certainly do so at their annual general meetings. They are the ones to sanction their executives’ pay and bonuses.
The Federal Liberal-Nationals Government has not learnt from the Gillard Labor government’s downfall when they wanted to tax the big mining companies.
That ended in tears.
Bernie Whitworth, Safety Bay