Qantas worker underpay hit $7.1m

Original article by Ewin Hannan
The Weekend Australian – Page: 10 : 14-Mar-20

National carrier Qantas has become embroiled in the wage underpayments scandal, after admitting that it had been in breach of the Fair Work Act for several years. Qantas has agreed to an enforceable undertaking with the Fair Work Ombudsman following revelations that 638 employees were underpaid a total of $7.1m over an eight-year period. The scandal will cost Qantas around $9m when back-pay and interest is taken into account. It will also made a contrition payment of $390,000, which the Australian Services Union says is inadequate.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN SERVICES UNION

Bank concerns don’t apply to us: super funds

Original article by James Frost
The Australian Financial Review – Page: 13 & 16 : 6-Feb-20

The Association of Superannuation Funds of Australia has questioned the need to expand the Banking Executive Accountability Regime to include super funds and insurers. ASFA CEO Martin Fahy describes the proposal as an ‘overkill’, and he argues that the super industry is already subject to tough regulation. He adds that the proposal will discourage product innovation and affect funds’ returns. Australian Banking Association CEO Anna Bligh has expressed support for extending the regime beyond the bank sector.

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIAN BANKING ASSOCIATION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Greens want coal levy to fund more paid firefighters

Original article by Judith Ireland
The Sydney Morning Herald – Page: Online : 6-Feb-20

Greens leader Adam Bandt has proposed the introduction of a levy on coal, gas and oil producers. The levy would be priced at $1 per tonne of carbon dioxide and would raise about $1.5bn a year. Most of the proceeds would be used to hire nearly 16,000 additional paid firefighters in metropolitan and rural areas. Bandt says the nation’s firefighters are exhausted by the intensity and duration of the bushfire season. The Australia Institute also called for a levy on fossil fuel producers in late 2019, as part of its proposal for a National Climate Disaster Fund.

CORPORATES
AUSTRALIAN GREENS, THE AUSTRALIA INSTITUTE LIMITED

Employers push for Fair Work review

Original article by David Marin-Guzman
The Australian Financial Review – Page: 9 : 3-Feb-20

The Australian Mines & Metals Association has called for a review of the Fair Work Commission, as well as the appointment of seven new commissioners over the next year. AMMA CEO Steve Knott has outlined a number of concerns about the FWC in a letter to Industrial Relations Minister Christian Porter. They include the lengthy delays in approving workplace agreements and claims that the allocation of full bench cases tends to favour Labor appointees.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

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