Asciano's share price is now 86% less than its June 2007 peak, amid billions of dollars of losses. But the board has decided to not only extend the contract of CEO Mark Rowsthorn but also pay him a "one off" bonus of $900,000.
In the past two decades, we've witnessed an almighty increase in executive remuneration, with even the GFC unable to dampen it. No better example is the case of the embattled Asciano and its CEO, Mark Rowsthorn.
Following an extensive nine-month process to sell itself, Asciano pulled out a proverbial rabbit last week when it announced a $2.35 billion underwritten capital raising to alleviate short-term debt concerns.