(a) a recommendation about either or both of the following:
(i) how much the remuneration should be;
(ii) what elements the remuneration should have;
for one or more members of the key management personnel for a company; or
(b) a recommendation or advice about a matter or of a kind prescribed by the regulations.
None of the following is a remuneration recommendation (even if it would otherwise be covered by subsection (1)):
(a) advice about the operation of the law (including tax law);
(b) advice about the operation of accounting principles (for example, about how options should be valued);
(c) advice about the operation of actuarial principles and practice;
(d) the provision of facts;
(e) the provision of information of a general nature relevant to all employees of the company;
(f) a recommendation, or advice or information, of a kind prescribed by the regulations.
Subsection (2) does not limit the things that are not remuneration recommendations, nor does it mean that something specified in that subsection would otherwise be a remuneration recommendation within the meaning of subsection (1).
ASIC may by writing declare that subsection (1) does not apply to a specified recommendation or specified advice, but may do so only if ASIC is satisfied that it would be unreasonable in the circumstances for the advice or recommendation to be a remuneration recommendation. The declaration has effect accordingly. The declaration is not a legislative instrument.