New Zealand First will change the Companies Act to give shareholders and cooperatives a ‘Say on Pay’ for directors and CEOs, which gives them a right to vote on corporate payouts.
Umm shareholders already vote on directors fees.
Peters has also vowed to ban “golden hellos” (executive recruitment bonuses), and limit “golden parachutes” (executive redundancy) to the same conditions workers have.
Winston wants to ban recruitment bonuses. I’m not a fan of golden parachutes, but having Winston tell companies that they can’t offer bonuses to recruit staff is daft.
Another proposal is to stop boards using “fit and proper person tests” to rule out potential executive candidates, which the party described as “loose and unreviewable.”