Exercise 19.4 ★ ★ EFFECT OF RELATED PARTY DISCLOSURES The following is an extract illustrating the potential impact of disclosing information about the remuneration arrangements of key management personnel. Board forced to rethink exec pay Large sharemarket-listed companies are being forced to review their remuneration practices after almost a quarter of those in the top 200 that have already held their annual general meetings suffered protest votes of 25 per cent or more from investors. Nearly half the top 200 companies that have held their AGMs reported a protest vote of more than 10 per cent against their pay plans, despite a big drop in bonus payments this year as boards promised to rein in executive pay after the global fi nancial crisis. Source: Durkin (2009, p. 1). Required Identify the disclosures that IAS 24 requires to be provided regarding key management personnel. Do you think the costs of making such disclosures outweigh the benefi ts? Explain your answer.