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.
Nice for some
Coca Cola pay rise comes at an awkward time.