Prime Minister Julia Gillard says the government has tried to give investors a clear picture of executive pay with its disclosure laws.
Her comments follow reports that BHP Billiton says the laws will confuse investors and should be scrapped.
New changes requiring the disclosure of actual pay will result in multiple sets of figures for each director which should result in greater clarity, The Australian Financial Review has reported.
However, BHP Billiton wants the current laws to be replaced with a rule requiring the release of a single figure showing actual pay for each director, the newspaper says.
The United Kingdom has adopted a similar system, BHP says.
Ms Gillard said the government had aimed to make executive pay clear so that shareholders could have their say.
"That's what we've been striving for with the changes that we've made," she said.
"We've tried to make those changes in a way that doesn't impose too much of a red-tape burden."As for dealing with suggestions from BHP or others about improving the system, that would be a question for the relevant minister."