Even in the most significant sharemarket correction since the Great Depression it appears that directors have been reluctant to show any restraint in the payment of remuneration and termination payments to executives.

Telstra last week announced that it sought to "correct highly inaccurate statements in the media around the CEO's exit payment. Mr Trujillo is eligible for an exit payment of $3 million when he leaves the company on 30 June, 2009".