Small securityholders threw the kitchen sink at Mirvac yesterday over the poor performance, and the move to boost directors’ fees for a second time in as many years.
Executive salaries
Bank exec bonuses helped by Rudd’s rules
Kevin Rudd may publicly deride extreme capitalism — but, fortunately for our bankers, the Federal Government’s policies appear to be aiding and abetting it.
Long-term incentive plan angers Computershare shareholders
Yesterday, it was the turn of share registry Computershare to feel the brunt of shareholder anger, with its plan to grant 1.4 million options to selected executives supported by only 38% of proxy votes received.
Corporate governance: wild west may finally be getting tamed
Investors are continuing to vent their anger at executives and directors’ salaries, with shareholders in mining company Western Areas last week revolting over lucrative remuneration arrangements granted to directors.
A look behind the detour of Transurban
Transurban is destined to join the worldwide queue of over-valued toll roads mired in debt and based on misleading financial models, writes John Goldberg.
Shareholders strike again at Transurban execs
Australian shareholders are revolting as company directors (and their hired help) design long-term incentive packages that continue to unjustly enrich executives.
New rules for bailed-out bankers revealed
The US Treasury and Federal Reserve have announced their new rules on executive pay at big and bailed-out banks: many will have their salaries capped at $500,000, total compensation will be cut by 50%, and cash guarantees will be restructured as stock.
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Wall St wages vs. Average wages
A disturbing chart tracks the average tracking the average Wall St bonus against the average American wage since 1985. And despite the GFC, they’re on the rise again. No wonder bankers are feasting on $43 steaks.
Goldman Sachs: “Pay inequality benefits all!” Errr…
A Goldman Sachs adviser has lauded Wall St execs receiving huge paychecks and bonuses as “a way to achieve greater prosperity and opportunity for all.”
Bailed-out execs face 90% pay-cut
The US government is set to order the companies that received the most money in last year’s Wall St bailout to slash compensation for their top executives.
Country clubs and corporate jets: perks continue at bailed-out banks
When the US government was bailing out their banks to the tune of hundreds of billions of dollars last year, big banking executives were receiving more perks and bonuses than usual, according to new corporate disclosures.
Shareholders revolt on fat cat pay
As lobbyists mull over the Productivity Commission’s draft reforms to executive remuneration rules, the first non-binding Remuneration Report of 2009 has been voted down by shareholders.
Goldman Sachs to dish out $23b in bonuses
Insurance firm Goldman Sachs will give out $23 billion in bonuses this year — twice as much as last year — despite America’s ongoing recession and the fact that the company had to be bailed out by the US government last year.
PC pay report a very mixed bag
The Productivity Commission has released the long-awaited draft version of its review into the regulation of executive remuneration. It’s a small step, but no great leap forward, for corporate governance.
How Geoff Dixon’s millions grounded
Qantas
For eight years, former Qantas CEO Geoff Dixon was the highest paid airline executive in the world, despite a pretty mediocre performance in the job. The irony hasn’t been lost on the company’s embattled workforce.
Chris Bowen is very, very wrong on executive pay
Part of the reason that executives are paid so much is because of their ability to make their jobs sound far more complicated and difficult than they actually are.
The $62 million shareholders wasted on handshakes
A new report has revealed that some of Australia’s largest companies spent $62 million on needless termination payments last year — payments that could be blocked by shareholders if the Government’s proposed legislation regarding termination payments is approved.
What has Rupert Murdoch done to earn his bonus?
That Rupert Murdoch could be paid a bonus in light of New Corp’s performance in recent years is quite remarkable.
Oz Post and Medibank the cream of the public sector earners
The high salary earners of the public sector are streets ahead of the best paid politicians, write Bernard Keane and Crikey intern Emily Finlay.
Onerous at the top: executive pay still on the up and up
Falls in executive remuneration have not shown an especially close correlation to shareholder returns, but at least the runaway freight train of CEO pay has ground to a halt.
Corporate Australia’s hypocrisy on CEO payouts
Despite the compelling logic of the Federal Government’s proposed changes to executive termination laws, large corporations and lobby groups have gone on the attack.
Business as usual on Wall St as big bonuses return
Buoyed by a recent boom in profits, Wall Street’s biggest banks are setting aside billions of dollars for executive bonuses, only months after they were rescued by the government bailout. Said government is less than impressed.
Executive pay: regulation is not a dirty word
In the midst of a global recession, few issues have galvanized public anger in developed countries as much as executive pay, writes CFMEU national secretary John Sutton.
The BBC’s big spend
The BBC has published five years’ worth of expense claims made by its executive board members, totalling £363,963.83 and including a £100 bottle of champagne and a £500 handbag.
Wesfarmers pulls up short on executive pay
The sorry state of executive pay has been exemplified by the press coverage allocated to Wesfarmers’ decision to freeze the pay and cut the bonuses of its top executives, writes Adam Schwab.
