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Sounds fair to me. Who can work hard enough to earn $millions p.a.? In any case the 25% vote doesn't do anything except force the board to justify themselves. If they succeed then the status quo can continue.
I'm amazed that anyone can still us the words 'Labor Party' and 'socialism' in the same sentence and keep a straight face. The Labor Party betrayed its 'socialist objective' in 1914 but the corpse lingered until sometime in the 80's when they finally buried it so we could have two fully pro-capitalist parties.
Reward for hard work? Well in 1788 there were lots of people working extremely hard for zero, zilch reward. What about the 'hungry mile'? A lot of people working hard for little reward. I can list family and friends who have suffered injury or diability at work while working hard, received zero or inadequate compensation and have or will die poor. The only ones sitting on their posteriors and being rewarded are shareholders and their hangers on. Actually, under socialism there would be no shareholders, or everyone is a shareholder depending on how you look at it. So, no this isn't close to socialism.
Sorry for the ToS violation. I didn't start it but I'm not about to let such carp go uncontested.
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