Crackdown on bank bosses
TOP bank executives in Australia may be forced to defer part of their pay for four years in case misconduct is detected, as the Federal Government looks to ramp up pressure on the scandal- ridden and unpopular banking sector.
Draft legislation released by the Government will require a major bank chief executive to defer either 60 per cent of variable pay or 40 per cent of total remuneration – whichever is lower – for a minimum of four years.
A top executive at a smaller bank will be required to defer the lesser of 40 per cent of variable pay or 10 per cent of total pay. The deferred pay will ensure the executive’s variable pay will remain at risk in case of they are found to have failed accountability obligations. EXECUTIVES from major Chinese robotics and technology firms say Australia’s new national space agency will provide excellent opportunities for engagement and cooperation between the two countries.
Following the Federal Government’s announcement yesterday that an Australian space agency would be created, Justin Gong, co- founder of drone manufacturer Xaircraft, said China would jump at the chance to engage with an Australian space program.
Mr Gong said the timing was right for greater involvement between Australia and China on space research. He said an Australian division of Xaircraft that sells drones to the agricultural industry is already eyeing a potential listing on the Australian Stock Exchange. A PENTLAND grazier is hoping his brush with royalty and selection as a finalist in the Duke of York’s Pitch@ Palace innovation awards will help make him the region’s next big technology star.
Russell Broad’s app, called Koorca, was one of eight regional finalists chosen at the Queensland awards held on the Gold Coast last week.
Mr Broad will join another 16 finalists from other states at a boot camp in Wollongong today ahead of the selection of 12 finalists to pitch their ideas in the national finals at Government House in Sydney on Thursday.
Koorca is a smartphone app which communicates your exact location to 000 emergency operators, sends a photo of the scene to a secure data base and allows police to send emergency notifications to users in a defined area.
Mr Broad hoped his selection would help open the right doors.
“I think if the concept didn’t have merit, it wouldn’t have been selected,” Mr Broad said.
“I’m hoping my selection as a finalist can open some doors.”
Pitch@ Palace was established by the Duke of York, His Royal Highness Prince Andrew, to support entrepreneurs and help them connect with potential early- stage supporters.
Prince Andrew is in Australia for the awards and attended the Queensland finals at Bond University on the Gold Coast.
Mr Broad met the prince and said he was a “nice bloke”.
“He was very likeable and not full of pomp and ceremony,” Mr Broad said.
The idea for Koorca arose when Mr Broad was discussing with his brother- in- law Ben Callcott the infamous rape and murder of Irish woman Gillian Meagher in 2012.
They thought an app could have prevented or helped solve the crime.
Mr Broad said the app would improve emergency response times by detailing the precise location to emergency services personnel in areas where data coverage was available but precise addresses or street numbers were not available.
It would also avoid human error in location descriptions.
The feature of taking a photograph could remove the anonymity of an opportunistic offender, he said.
Mr Broad said some officers in the Queensland Police were interested in trialling it and could see big potential savings in cost and lives.
“There’s a lot more money to be saved in preventing crime than responding to it,” Mr Broad said.
The national winner of the awards will be flown to London to represent Australia at the global final of Pitch@ Palace on December 6.