What we're talking about

Durkim on New Zealand Gangs Mm, yeah... Real funny, Randhil... more
Kayli on The Boats God help me, I put aside a whole afteroonn to figure this out. more
Raynes on Tax and Pollution Until I found this I thoguht I'd have to spend the day inside. more
James Brown on Mark Latham Mark, you must fell as if you are pushing it uphill, but you are the hope of the side. Keep it up! more
Michael on Halal certification The Halal Choices website is http://www.halalchoices.com.au/product_lists.htmlIt lists all the products that have been ... more
a barker on A few facts on illegal boat people We are the Lucky Country, or are we?.15 years ago maybe.How many Indonesian Officials are taking a a bribe from the people ... more
Robin on The Boats Hey,Thanks! Great post you have written on "The Boats ".Really I can say that your post is very informative, I'll come ... more
dan on A few facts on illegal boat people From what i can see if we dont do something about this flood gate issue,we will have the same nonsense thats happening over ... more
Randhil on New Zealand Gangs This info is the cat's pajmaas! more
Keshawn on CMC Complaint into Queensland Health That's rlelay shrewd! Good to see the logic set out so well. more
howard on Learning from one another? We are such a politically correct and multiculturally sensitive country Islamists are flourishing here. Just as they ... more
PP on Halal certification Thank you for the Halal Choices and the info about Coles - I will not be purchasing meat from Coles henceforth. In the UK it ... more
PP on Halal certification Thank you for the Halal Choices and the info about Coles - I will not be purchasing meat from Coles henceforth. In the UK it ... more
anne white on Halal certification A website that lists all Australian food products that are halal is, HALAL CHOICES.Also I phoned COLES (1800 061 562) and ... more
john on The Taxi Industry No one have the right to do anything they dont want.. you want to drive cabs do it you are not force to do something you do ... more
Diana on Halal certification I just found out about this today! Does anyone know how to get a list of products bearing this logo so we can boycott them? more
lol on New Zealand Gangs lol... this isnt good at all more
Ann on Support our Diggers Is it possible to buy this sticker? I'm sure any number of people would be proud to support our diggers by displaying the ... more
Mimosa on Smith with PM Gillard You mean I don't have to pay for expert adcvie like this anymore?! more
figsen/hypolgirl on Anna Bligh as President Hope you're checking this out Wobblyone. Your comment is one of the cleverist/funniest I have read. Couldn't stop laughing. ... more

CEO golden parachutes

Posted by: Michael Smith | 27 November, 2008 - 12:21 PM

Well Gerry Harvey has the quote of the day. He's talking about the $112 million that Australian public companies have paid to get rid of unwanted bosses in the past 3 years. Here's what Gerry has to say:-

"It is absolute bullshit. Chief executives are paid ridiculous amounts of money and then when they do a crap job they get ridiculous amounts of money to leave," he said.

Our corporate culture is sick. It needs fixing. And like the old dead fish, it's going off from the top.

Australian boards of directors are too insular. Too matey. Look at Sol Trujillo and Don McGauchie from Teltstra.

The sweetheart deals CEOs and their boards make just beggars belief. Last year 66% of Telstra shareholders specifically voted against the pay deal for Telstra's CEO Sol Trujillo – but that vote by the owners of the company has no effect under our law.

As we head into choppier economic waters the potential for the great divide between workers and bosses grows. Workers will be looking for wage rises – bosses will be trying to keep wages low to get through the harder times. I am continually shocked at the “do as I say not as I do” approach taken by too many of our CEOs and boards of directors.

Many of our CEOs would do well to lead by example and deliver themselves a pay cut during these times. In particular, the outrageous departure packages CEOs set up for themselves have to go.

Blog comments

I couldn't agree more as a salesman I have always been judged on my results and over the years have watched friends go for not living up to the required standards They get paid what they are entitled - a fortnight's pay and what ever leave acrued. These other clowns go out with millions and then 12 months later show up on another board as if nothing has happened. I always thought we were an egalitarian country but I am convinced that the old boys clubs run our corporations and companies

John H Wednesday 3 December, 2008 - 5:53 PM