ETC – AUSTRALIA

Bank bosses set for big pay days

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Original article by Vesna Poljak
The Australian Financial Review – Page: 15 & 20 : 10-Feb-15

The personal wealth of the CEOs of Australia’s four major banks has been boosted by the strong gains in the banks’ share prices. Commonwealth Bank CEO Ian Narev now holds some $A30m worth of shares in the bank, while the shares and options of ANZ Bank CEO Mike Smith are worth around $A61m based on the bank’s current share price. Wilson Asset Management’s Geoff Wilson says shareholders usually do not object to the high remuneration of CEOs provided investors also benefit from increased wealth

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WILSON ASSET MANAGEMENT, STANDARD AND POOR’S ASX 200 BANKS INDEX, RESERVE BANK OF AUSTRALIA

Nine chief’s pay soars to $19.6 million

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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

Chairman Dawkins vacates Vocation

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Original article by Kylar Loussikian
The Australian – Page: 21 : 28-Nov-14

Ex-Minter Ellison partner Mark Elliott, notorious for launching class action law suits against companies in which he has marginal shareholdings, has joined law firms Maurice Blackburn and Slater & Gordon in bringing such a case against Vocation. The Supreme Court of Victoria will hear allegations of misleading or deceptive conduct, after the Victorian Department of Education & Early Childhood Development cancelled funding worth $A20m for Vocation off-shoots BAWM and Aspin. Meanwhile John Dawkins has stepped down as chair of the private education services provider

CORPORATES
VOCATION LIMITED – ASX VET, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, SUPREME COURT OF VICTORIA, VICTORIA. DEPT OF EDUCATION AND EARLY CHILDHOOD DEVELOPMENT, BAWM GROUP PTY LTD, ASPIN PTY LTD, DUET GROUP – ASX DUE, AUSTRALIAN LABOR PARTY, ASX LIMITED – ASX ASX, BSL LITIGATION PARTNERS LIMITED, AUSTRALIAN SKILLS QUALITY AUTHORITY, BANKSIA SECURITIES LIMITED, LEIGHTON HOLDINGS LIMITED – ASX LEI, TREASURY WINE ESTATES LIMITED – ASX TWE, WORLEYPARSONS LIMITED – ASX WOR, DOWNER EDI LIMITED – ASX DOW

Being female doesn’t pay

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Original article by Misa Han
The Australian Financial Review – Page: 36 : 28-Nov-14

Data from Australia’s Workplace Gender Equality Agency shows that the average pay gap between men and women across the economy is 24.7 per cent. However, this rises to 37.8 per cent in the case of women employees in the finance sector and 35.6 per cent in the legal sector. King & Wood Mallesons’ managing partner Sue Kench says women lawyers need to more actively "put themselves forward" in pay discussions

CORPORATES
AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY, KING AND WOOD MALLESONS, HOLDING REDLICH, MINTER ELLISON, THE LAW SOCIETY OF NEW SOUTH WALES, MADDOCKS LAWYERS

Harvey unfazed by ‘first strike’

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Original article by Eli Greenblat
The Australian – Page: 23 : 26-Nov-14

The remuneration report of retailing group Harvey Norman at its 25 November 2014 AGM was rejected by 282.5 million stockholder votes and approved by just 90 million. The resulting "first strike" under Australian executive pay laws has been labelled irrelevant by chair Gerry Harvey, who also owns 30% of the business and cannot vote that bloc. The salary increase of over 40% for CEO Katie Page had triggered a recommendation for a "no" vote by proxy advisory firm Ownership Matters. Meanwhile Harvey Norman will source $A120.7m in fresh capital from existing investors at $A2.50 a share

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, OWNERSHIP MATTERS PTY LTD

Gay MP stands up for marriage equality

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Original article by Nicole Hasham
The Sydney Morning Herald – Page: 9 : 21-Nov-14

Liberal Party of New South Wales MP Don Harwin spoke in favour of marriage equality for gay people in 2010, during debate on the Relationships Register Bill. Harwin, who is the president of the state’s upper house, disclosed his homosexuality in Parliament on 20 November 2014. He later said that he had urged the legalisation of gay marriage in a submission to a Senate inquiry, arguing banning gay couples from marrying is discrimination

CORPORATES
LIBERAL PARTY OF NEW SOUTH WALES, AUSTRALIAN LABOR PARTY

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Big retailers warn of chill to competition

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Original article by Katie Walsh
The Australian Financial Review – Page: 4 : 19-Nov-14

An Australian National Retailers Association (ANRA) submission to the Harper review of competition law has expressed concern about the proposed "effects test". It warns that this would adversely affect competition and would have no long-term benefit for consumers. The ANRA has supported some of the other recommendations of the review, while small retailers say the proposal to deregulate trading hours will ultimately increase the dominance of retail giants Coles and Woolworths

CORPORATES
AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, INDEPENDENT GROCERS OF AUSTRALIA, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN TAXI INDUSTRY ASSOCIATION

NAB execs poorer by $44m

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Original article by Richard Gluyas
The Australian – Page: 22 : 18-Nov-14

The 2013-14 annual report of National Australia Bank (NAB) shows that senior managers forfeited some $A44m worth of stock meant as incentive awards. The remuneration of departed CEO Cameron Clyne in his final year at the helm dropped from $A7.8m to $A6m, even when taking into account a "golden parachute" payment of $A1.7m. The lapsed equity in his case amounted to $A19.1m. The details follow the recent news that NAB’s cash profit had fallen by a tenth due to major provisioning charges

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD

Change laws to boost women’s super: ASFA

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Original article by Nassim Khadem
The Australian Financial Review – Page: 24 : 13-Nov-14

It is estimated that men have an average of $A197,000 in their superannuation fund upon retirement, compared with just $A105,000 for women. The Association of Superannuation Funds of Australia (ASFA) has proposed relaxing discrimination laws to permit higher employer contributions to female employees’ super accounts. The ASFA also proposes scrapping the superannuation guarantee income threshold, which is currently set at $A450 per month

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, CHALLENGER LIMITED – ASX CGF, COLONIAL FIRST STATE GROUP LIMITED, VICSUPER PTY LTD, RICE WARNER ACTUARIES PTY LTD, AUSTRALIA. SEXUAL DISCRIMINATION COMMISSION