Financial Review
"We want to see remuneration based on a genuine and even balance of financial and non-financial considerations," Mr Byres said. Furthermore, financial metrics needed to go beyond one single indicator linked to share values. Combined, "that would mean total shareholder return would go from the primary, if not sole, determinant of long-term incentives to something less than 25 per cent", Mr Byres said.Boards should also be required to exercise more "discretion" in evaluating the performance of their executives, Mr Byres said.
"We will be examining the case for longer deferrals, at least in some instances, to better align vesting with the emergence of risks," Mr Byres said. In line with another recommendation of the royal commission, APRA was also looking at more ‘clawback’ provisions in pay structures.
About time!!
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