Shareholders of CSL, rightly, told the board to go jump when the board proposed an enormous payrise for the CEO and directors. But don't expect to read that in the Financial Review.
The fallout from Westpac's executive pay controversy will reach a head at next Friday's AGM.
Shareholders have long opposed large payouts to CEOs at the end of their tenure. Of course, executive boards have ways of getting around democratic will.
Along with its strong full-year profit results, Telstra today published its remuneration report for 2013-14. It shows David Thodey’s total remuneration in the five full years since he became chief executive in May 2009 has reached $33 million.
The top 20 CEOs in Australia (that is, those managing the 20 largest companies), were paid on average 320 times the wage of the lowest-paid workers in the country.
The long-awaited response to the Productivity Commission’s report on executive pay has been released. It includes a "bonus claw-back" rule, which would allow for the recovery of bonuses paid to executives who provided misleading financial information.
Executives at our biggest banks continue to enjoy a myriad benefits, the Big Four being among the most generous remunerators of executives in business. But lower-paid workers have not been so lucky.
It's time for the commoners to get over the whole Wall Street bankers earning bajillions in bonuses issue, writes Steven Pearlstein. If we're going to get mad at bankers, we need to be mad at rock stars and athletes as well.
What a difference a year makes, where suddenly the economic woes are long forgotten, executive pay is rising again, banks are as greedy as ever and the politicians continue to do nothing about it, writes John Sutton.
The fury by shareholders over executives high salaries is hypocrisy at its finest, writes Mirko Bagaric. Let's remember, shareholders are just in it for the money too.