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If you're working on company code then by default the company owns it, that's not under dispute. Such a clause is entirely reasonable. The problem is when it's work *not* related to the company.
There is no real problem. If it's a personal project, then if the company is using it / relying on it, they're already licensing it and have some arrangement. If they aren't they don't care. And if it's third party open source and they use it they also don't have to care.
The important part is the distinction between company owned code and some vague "related to business the company is doing" nonsense.
I currently work for an employer that has a similar clause in the employment contract, and in fact there had been a number of "meetings" on the topic relating to company IP. Although it'd be strange for a multinational war machine having an interest in game audio...
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