No action on excessive exec salaries

There's not much prospect of any regulatory clamp on excessive salaries in the financial services arena, and thus little chance of action to back up the flowery rhetoric of Australia's Prime Minister, Kevin Rudd, on action to corral the "extreme capitalism". The Australian Prudential Regulation Authority said yesterday it will prepare a discussion paper for comment early next year that will propose an extension to the current prudential standards on corporate governance. APRA plans to implement new standards later in 2009. In a media release yesterday APRA said it does not intend to focus on the levels of compensation paid to executives but rather concentrate on the structure of executive remuneration and the incentives built into these arrangements.

Source: The Sheet