Submission on exposure draft - Corporations amendment (improving accountability on director and executive remuneration) bill 2011

Insurance Australia Group (IAG) welcomes the opportunity to make a submission in relation to the Exposure Draft – Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011.

IAG is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. Its current businesses underwrite more than $7.8 billion of premium per annum. It employs more than 12,700 people of which around 9,000 are in Australia. IAG operates some of Australia’s leading insurance brands including NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance and The Buzz. IAG also distributes insurance in Victoria through the RACV brand. IAG insures approximately one in three motor vehicles, and one in four homes, in Australia.