ASX100 CEOs already paid more than the average annual salary

Original article by Killian Plastow
The New Daily – Page: Online : 14-Jan-20

The average CEO of an S&P/ASX 100 company has probably earned more since the start of 2020 than the average worker will earn for the whole year, based on Australian Council of Superannuation Investors figures. Qantas CEO Alan Joyce, Australia’s top-earning CEO in 2018, received as much as 281 workers earning the average wage. Bonuses, which are viewed as ‘at-risk’ pay, account for much of the large amounts that CEOs receive. However, ACSI CEO Louise Davidson notes that over 50 per cent of ASX 100 CEOs received over 70 per cent of their bonuses in the 2018 financial year, suggesting to her that so-called ‘at risk’ pay is "not very risky at all".

CORPORATES
STANDARD AND POOR’S ASX 100 INDEX, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, QANTAS AIRWAYS LIMITED – ASX QAN

Bashing business damages economy

Original article by Glenda Korporaal
The Australian – Page: 13 : 23-Dec-19

Former Business Council of Australia president Graham Bradley says that "anti-business rhetoric" within government is having a negative impact on the economy and deterring capital investment. He has also criticised the federal government for aligning itself with small and medium business and denigrating big business. Meanwhile, Australian Investment Council CEO Yasser El-Ansary says weak consumer confidence is deterring companies from investing, adding that the BCA’s proposal to include a business investment allowance in the May 2020 Budget would only provide a short-term economic stimulus.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN INVESTMENT COUNCIL

Nine chief’s pay soars to $19.6 million

Original article by James Thomson, Edmund Tadros
The Australian Financial Review – Page: 13 : 10-Dec-14

The latest executive salary survey by "The Australian Financial Review" shows that Nine Entertainment Company CEO David Gyngell was Australia’s highest-paid corporate executive in 2014. His total remuneration of $A19.6m included a $A2.5m cash bonus associated with the group’s IPO. Arowana International CEO Kevin Chin was paid $A13.3m in total, followed by News Corporation CEO Robert Thomson with total remuneration of $A13.2m

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AROWANA INTERNATIONAL LIMITED – ASX AWN, NEWS CORPORATION – ASX NWS, WESFARMERS LIMITED – ASX WES, WESTFIELD CORPORATION – ASX WFD, GUERDON ASSOCIATES PTY LTD, OAKTREE CAPITAL MANAGEMENT LLC, APOLLO GLOBAL MANAGEMENT LLC

Westpac execs still in the money

Original article by Richard Gluyas, Joe Kelly
The Australian – Page: 1 & 2 : 25-Nov-19

Treasurer Josh Frydenberg has stressed the need for accountability over Westpac’s massive breach of anti-money laundering and counter-terrorism financing laws. He notes that in addition to Austrac’s civil prosecution, there is the potential for Westpac executives and directors to be disqualified under the Banking Executive Accountability Regime. Meanwhile, Westpac chairman Lindsay Maxsted says executives’ short-term bonuses will be frozen; however, their long-term bonuses are not expected to be affected. Other measures taken by Westpac in response to the scandal include shutting down the LitePay international fund transfer network.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Online journos second-class no longer after win

Original article by Ewin Hannan
The Australian – Page: 6 : 22-Nov-19

The Fair Work Commission has ruled that journalists who work for online-only news publications are covered by the media industry award. The FWC found that minimum employment conditions of these journalists are ‘significantly inferior’ to those of their print peers. Daily Mail Australia has warned that extending the coverage of the Journalists Published Media Award to digital media workers will result in higher wage costs, and its existing operating model may need to be revised if it has to pay weekend penalty rates.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, DAILY MAIL AUSTRALIA, GUARDIAN AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, RURAL PRESS LIMITED, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE

BHP’s new CEO Mike Henry vows to accelerate productivity push

Original article by Nick Toscano, Colin Kruger
Brisbane Times – Page: Online : 14-Nov-19

BHP CEO Andrew Mackenzie will step down at the end of 2019 after more than six years in the role. He will be succeeded by mining industry veteran Mike Henry, who will receive a base salary of $US1.7m ($2.5m). Henry, who has been the head of BHP’s Australian minerals division since 2016, says he will spend the next 45 days holding meetings with BHP staff across its global operations. Henry was regarded as a leading internal candidate to succeed Mackenzie.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Matildas have AFLW to thank for pay parity

Original article by Michael Bailey
The Australian Financial Review – Page: 7 : 7-Nov-19

Deakin University’s Professor David Shilbury says the success of the women’s Australian Football League was a major driver of the pay-parity deal for the national women’s soccer team. He notes that negotiations over new pay deals for female cricketers and soccer players only made progress following the AFLW’s launch in 2017, which provided those sports with competition for female athletes.

CORPORATES
DEAKIN UNIVERSITY, AUSTRALIAN FOOTBALL LEAGUE, AFLW, FOOTBALL FEDERATION AUSTRALIA LIMITED, MATILDAS, SOCCEROOS, CRICKET AUSTRALIA

Federal super blowout at $50bn

Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 22-Oct-19

The Department of Finance has released data showing that the federal government’s unfunded superannuation liability topped $233.1bn at the end of 2018-19, compared with $183.1bn at the start of the financial year. Meanwhile, the Future Fund’s assets rose to $165.7bn in the year to September. The Future Fund Act allows the government to begin withdrawing money from the sovereign wealth fund in 2020 to meet unfunded super liabilities, although the Coalition has renewed a 2017 commitment to not do so.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. OFFICE OF THE AUDITOR-GENERAL

ABC goes begging as it pays execs 70pc more

Original article by Lilly Vitorovich
The Australian – Page: 3 : 17-Oct-19

The ABC’s latest annual report shows that its executive management team and board of directors received total remuneration of $6.1m in 2018-19, compared with $3.6m in 2017-18. The public broadcaster added two people to its executive ranks during the latest reporting period. MD David Ander­son was paid $1.14m in 2018-19, while predecessor Michele Guthrie received a $1.35m termination payout. The ABC has reported a 2018-19 net operating surplus of $38.3m.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

AFLW at war

Original article by Michael Warner
Herald Sun – Page: 62 & 61 : 3-Oct-19

The AFL Players’ Association says the majority of AFLW footballers support a proposed three-year collective bargaining agreement, and a vote on the deal will be held shortly. However, a group of AFLW players who are dissatisfied with the proposed pay deal has engaged the services of law firm Maurice Blackburn to represent them. Amongst other things, the dissident group contends that AFLW players will receive a pay rise of seven per cent in 2020 when based on hourly rates, rather than 21 per cent as the AFLPA has claimed.

CORPORATES
AUSTRALIAN FOOTBALL LEAGUE, AUSTRALIAN FOOTBALL LEAGUE PLAYERS’ ASSOCIATION, MAURICE BLACKBURN PTY LTD