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Australia's Accountability Regime to Target Bonuses

Australia's Accountability Regime to Target Bonuses

by Starling Insights

Starling Insights Editorial Board

Mar 24, 2023

Observations

Australia Regulatory Trends Personal Liability & Accountability The Era of Accountability Compensation & Incentives Senior Managers Regimes

As a part of Australia's impending Financial Accountability Regime (FAR), financial firms will be required to withhold 40% of their directors' and top executives' bonuses for four years, then to be disbursed only if satisfactory conduct standards are met.

The FAR will not, however, include the provision allowing regulators to fine executives up to $1.1 million, which was present in an earlier draft of the bill. This removal came following lobbying from banks, which were worried that fines could make it more difficult to recruit senior executives. They also expressed concern that the rules might make banks excessively risk-averse.

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