Shareholders in Coca-Cola Amatil overwhelmingly approved a big pay rise for their board at the company’s annual meeting in Sydney yesterday. The total remuneration limit for the board was boosted half a million dollars to a maximum of $2.8 million, from the previous $2.3 million. That’s a very handy 21.7% rise. The company’s annual account revealed that total board payments in 2015 were $2.08 million, just ahead of $2.04 million in 2014, an increase of around 2%. So there was a bit of income compression in the boardroom of a company 29% controlled by the Coca-Cola company of the US. But coming on the day when the latest wage index from the Bureau of Statistics showed a 2.1% rise in the year to March (1.9% for private sector workers), down from the 2.2% rate in calendar 2015, the prospective 21% improvement for mahogany row at CCA from now on isn’t a good look. By the way, the chairman of Coca-Cola Amatil is the sainted David Gonski, he of the fabled spending package aimed at saving our schools.

As a Crikey subscriber and someone who began working as a journalist in 1957, I am passionate about the importance of independent media like Crikey. I met a lot of Australians from many walks of life during my career and did my best to share their stories honestly and fairly with their fellow citizens.

And I never forgot how important it is to hold politicians to account. Crikey does that – something that is more important now than ever before in Australia.

Liz
North Stradbroke Island, QLD

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