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New Australian Federal Laws Upset Big Earners

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posted on Oct, 27 2011 @ 05:31 AM
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Some of Australian highest paid executives are voicing their disapproval of a new law which allow shareholders to force board members off the board as a means of controlling the ridiculously high pay packets and bonuses the execs receive.
I was particularly bemused by

“All these [Occupy] protests, the fact that the market is down and the introduction of the two strikes legislation has led to the realisation that a stop must be put to the CEOs and executives hijacking the board,” Mr Matthews said. “It’s time for them to live in the real world.” Read more: www.news.com.au...


Of course some are crying foul and saying it will be bad for the economy...blah blah blah. I'm sure it's not a perfect system, but it's a start, making these people more accountable.



posted on Oct, 27 2011 @ 05:36 AM
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Yup. Thing is, the Board is supposed to serve the shareholders and do what's best for them. Lots of times, though, it seems that executives do what's best for themselves these days.



posted on Oct, 27 2011 @ 05:38 AM
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Thats good news from our end at least. Americans would throw a total wobbly at this .

One would think that CEOs should be at the mercy of the shareholders .



posted on Oct, 27 2011 @ 05:44 AM
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I love this part . :" Exactly 52.9 per cent of shareholders at Pacific Brands voted down the board’s pay package after it was revealed that - along with other senior executives - CEO Sue Morphet received a $910,000 cash bonus when the company posted a $132 million loss.



posted on Oct, 27 2011 @ 05:48 AM
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reply to post by Anusuia
 


Yes it's beyond a joke. Their reasoning is that they work so hard. Well I know plenty of people who work hard, 2 or 3 jobs just to make ends meet and getting nowhere near this sort of money with 3 jobs, never see their families or have holidays or expensive lunches. It is unbelievable how some people's work is so highly 'valued' compared to say teachers, police, even road workers who are responsible for keeping roads safe for all of us and take risks of getting hit by an idiot driver....how are their lives and their jobs worth so much less than these execs? There is no equality, no fairness. It's quite simply wrong.



posted on Oct, 27 2011 @ 06:00 AM
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Originally posted by Anusuia
I love this part . :" Exactly 52.9 per cent of shareholders at Pacific Brands voted down the board’s pay package after it was revealed that - along with other senior executives - CEO Sue Morphet received a $910,000 cash bonus when the company posted a $132 million loss.


imagine what it would have been if she'd steered them into profit?!



posted on Oct, 27 2011 @ 06:03 AM
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reply to post by zenius
 


Its very wrong these types of salaries . Im not a shareholder of anything so i dont understand that world , but i wonder how it has gone that far , those wage packages .

How did they creep up like that with shareholder approval or do the CEos just vote themselves pay rises like the politicians do.

Once again the problem in this world is pure greed ,



posted on Oct, 27 2011 @ 07:23 AM
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reply to post by zenius
 


Umm I must be missing something. Shareholders already elect the Board? Buy one stock in a corporation and you can attend the shareholders meeting, you can also vote for every stock you own.



posted on Oct, 27 2011 @ 07:37 AM
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reply to post by Rockpuck
 


oops, I meant to write force directors off the board. Sorry, long day.
Thanks for picking that up.



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