SHAREHOLDERS of major companies will be given veto rights over massive golden handshakes for retiring executives under a Rudd government crackdown on corporate excess.
Wayne Swan has also ordered a Productivity Commission investigation into executive remuneration, arguing "obscene" payouts to retiring executives in recent years have smashed public trust in big business.
But the Government's crackdown, including its public identification of executives it said had been overpaid, provoked an angry backlash from the business sector last night.
Business organisations said the Treasurer was at risk of punishing Australian companies in response to community anger about stories of corporate greed in the US.
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