NATIONAL: Embattled apparel and footwear group Pacific Brands has gone on the defensive over its remuneration payouts to top executives.
Corporate Governance Minister Nick Sherry yesterday announced new laws requiring shareholder approval for terminal payments of more than one year of an executive's pay base.
Pacific Brands claimed he incorrectly used a retirement payout handed to former chief executive Paul Moore as an example of a loophole.
"In fact, it was exactly the sort of payment that the Treasurer's new laws encourage and will allow, with Mr Moore receiving no more than one year's pay as severance."
The company said it was also "100 per cent" in line with existing laws.
Union groups last month protested against revelations Moore received $5.8 million when he stood down from his position in 2008 - just months before the company announced it would cut 1850 local jobs.