Caltex profits soar as company continues to ignore exploited workers
A damning report by the Fair Work Ombudsman regarding Caltex's broken franchise model will do little to dampen CEO Julian Segal's mood, who is set for another massive round of bonuses after the company profited handsomely last year.
It doesn’t really sit well does it? Caltex Australia is making huge profits — $619 million, up 1% on 2017 as higher global oil crude prices and refiner margins boosted annual revenue 19% to $21.4 million. So shareholders did well, and of course so did CEO Julian Segal who was paid more than $8 million in salary, bonuses and long-term incentives, up from the $7.80 million paid for 2016. The year before, Segal was paid a total of $13.85 million, making a total of close to $29.7 million for the three years.
And guess what: there was no apparent penalty for Caltex’s franchisee pay and conditions scandal, and nary a sign of any financial damage to Caltex’s revenue. By rights there should have been a big hole in the company’s profits and Segal’s salary for what the Fair Work Ombudsman has confirmed, as reported this morning by the AFR, is the systemic rorting of pay and conditions in the Caltex franchise network.