I wouldn't be surprised if Australia following suit of U.S. and UK...
ABC News:
CANBERRA (Reuters) - An Australian government-backed report into executive pay and bonuses, ordered after the global financial meltdown, has shied away from curbs on top-end salaries criticized as "obscene" by Prime Minister Kevin Rudd.
The Productivity Commission, an independent research and advisory body to the government on economic and social issues, proposed handing more control of directors' salaries to shareholders, but stopped short of recommending pay caps.
"We think actually we've strengthened that recommendation in a way that makes it more targeted on the companies where shareholders are feeling unhappy with recalcitrant boards ... without having significant unintended consequences," commission Chairman Gary Banks said after the report's release on Monday.
The center-left government commissioned the inquiry in March last year.
The move mirrors others in countries such as the United States where bank executive pay has become a political hot potato in the wake of the financial crisis. The U.S. has appointed a "pay czar" to look into salaries at banks rescued by government money.
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