Division
The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2018-02-07.24.1) introduced by Tasmanian Senator [Peter Whish-Wilson](https://theyvoteforyou.org.au/people/senate/tasmania/peter_whish-wilson), which means they'll now be included as part of the bill. ### What does the bill do? Senator Whish-Wilson [explained that](https://www.openaustralia.org.au/senate/?gid=2018-02-07.24.1): > *No-one can justify the salaries that are paid by shareholders to the bank CEOs in this country. Our banks are some of the most profitable in the world and our CEOs are some of the most highly paid CEOs in the banking sector on the planet. These amendments before us today, amendments (1), (2) and (3), will put a cap on both variable and fixed remuneration.* > > *Fixed salaries are 10 times average weekly earnings, which roughly works out at about $850,000, double what our Prime Minister makes, so bank CEOs still make a lot of money. The variable component's half that, so it still takes them to well over a million dollars.* ### Amendment text > *(1) Schedule 1, item 1, page 4 (line 15), after paragraph 37(1) (b), insert:* > >> *(ba) its executive remuneration obligations; and* > > *(2) Schedule 1, item 1, page 12 (line 18), before Division 4, insert:* > >> *Division 3A—Executive remuneration obligations* >> >> *37DC Cap on remuneration of accountable persons* >> >>> *(1) The executive remuneration obligations of an ADI are to ensure that the ADI does not pay an accountable person of the ADI remuneration for a period (the pay period) that would result in the remuneration of the accountable person for the pay period exceeding the remuneration cap for the pay period.* >>> >>> *(2) The remuneration cap for an accountable person of an ADI for a period starting in a reporting period for the ADI is the amount worked out using the formula:* >>> >>>> *number of days in t h e period number of days in t h e reportin g period x 10 x AAWE* >>>> >>>> *where:* >>>> >>>
Senate, 2018-02-07. affirmative: ayes 38, noes 3.
Question
The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2018-02-07.24.1) introduced by Tasmanian Senator [Peter Whish-Wilson](https://theyvoteforyou.org.au/people/senate/tasmania/peter_whish-wilson), which means they'll now be included as part of the bill. ### What does the bill do? Senator Whish-Wilson [explained that](https://www.openaustralia.org.au/senate/?gid=2018-02-07.24.1): > *No-one can justify the salaries that are paid by shareholders to the bank CEOs in this country. Our banks are some of the most profitable in the world and our CEOs are some of the most highly paid CEOs in the banking sector on the planet. These amendments before us today, amendments (1), (2) and (3), will put a cap on both variable and fixed remuneration.* > > *Fixed salaries are 10 times average weekly earnings, which roughly works out at about $850,000, double what our Prime Minister makes, so bank CEOs still make a lot of money. The variable component's half that, so it still takes them to well over a million dollars.* ### Amendment text > *(1) Schedule 1, item 1, page 4 (line 15), after paragraph 37(1) (b), insert:* > >> *(ba) its executive remuneration obligations; and* > > *(2) Schedule 1, item 1, page 12 (line 18), before Division 4, insert:* > >> *Division 3A—Executive remuneration obligations* >> >> *37DC Cap on remuneration of accountable persons* >> >>> *(1) The executive remuneration obligations of an ADI are to ensure that the ADI does not pay an accountable person of the ADI remuneration for a period (the pay period) that would result in the remuneration of the accountable person for the pay period exceeding the remuneration cap for the pay period.* >>> >>> *(2) The remuneration cap for an accountable person of an ADI for a period starting in a reporting period for the ADI is the amount worked out using the formula:* >>> >>>> *number of days in t h e period number of days in t h e reportin g period x 10 x AAWE* >>>> >>>> *where:* >>>> >>>
How each member voted
Per-member votes are not present in this static export. Consult the original division record.
Related bills
Only formal divisions leave a per-member record. A procedural vote is not necessarily a vote for or against a bill.