ETC – AUSTRALIA

Massive NBN bonuses under scrutiny

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Original article by Matthew Elmas
The New Daily – Page: Online : 15-Feb-23

NBNCo’s annual reports show that its executives have received bonuses totalling $5.7m since 2020, including about $1.5m in 2021-22. The issue was raised during a Senate estimates hearing on Tuesday. Assistant Minister for Infrastructure Carol Brown said that bonuses for executives of government-owned entities should be linked to performance, and taxpayers’ money should be "well spent". She added that the bonuses for NBNCo executives do not align with community expectations; Greens senator Sarah Hanson-Young has expressed a similar view.

CORPORATES
NBN CO LIMITED, AUSTRALIAN GREENS

Australia’s public education funding went backwards during COVID pandemic

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Original article by Gabriella Marchant
abc.net.au – Page: Online : 4-Oct-22

A report from the OECD shows that Australian governments reduced their spending on public education by nearly two per cent during the early stages of the COVID-19 pandemic. Hungary was the only OECD member nation that reduced education funding by a higher margin; in contrast, overall spending among OECD nations increased by an average of 1.5 per cent. The report also shows that Australian teachers’ salaries are generally higher than the OECD average, although local teachers spend longer hours in the classroom than their overseas peers.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Australian social services department underpaid dozens of staff $400,000 over five years

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Original article by Luke Henriques-Gomes
The Guardian Australia – Page: Online : 22-Dec-21

Documents released under freedom of information laws, show that a key federal government agency has admitted to underpaying its staff. The Department of Social Services self-reported the underpayments totalling more than $400,000 to the Fair Work Ombudsman. The Community & Public Sector Union contends that the Department had been aware of the underpayments in 2017 and had failed to address the issue until it was issued with a compliance notice by the FWO in July 2021. A total of 68 current and former employees of the Department’s communications services branch were affected by the underpayments.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. FAIR WORK OMBUDSMAN, COMMUNITY AND PUBLIC SECTOR UNION

Seven West Media won’t commit to dividend timetable

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Original article by Miranda Ward
The Australian Financial Review – Page: 24 : 10-Nov-21

Seven West Media suspended its dividend payments in 2018, in order to focus on reducing debt. Chairman Kerry Stokes has told the group’s AGM that it will review its dividend policy in 2022, but he declined to make any commitment as to when dividends will resume. Stokes also defended the remuneration package of CEO James Warburton, whose total pay topped $7.6m in 2020-21; Stokes says that Warburton is paid for performance, and his pay reflected the challenges faced by Seven during the last year, including the global pandemic.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM

Major miners push for net-zero

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Original article by Greg Brown
The Australian – Page: 1 & 6 : 1-Oct-21

Minerals Council of Australia CEO Tania Constable says the mining sector has embraced a net-zero carbon emissions target of 2050. She adds that carbon capture and storage technology will play a key role in the sector’s push to become carbon-neutral by the target date, including coal producers. Meanwhile, the federal government is set to expand the Emissions Reduction Fund and make large-scale CCS projects eligible for the carbon credit scheme.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA

NAB faces legal hit over pay shortfall

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Original article by Richard Gluyas
The Australian – Page: 13 & 19 : 26-May-21

National Australia Bank included a pre-tax provision of $128m for wage underpayments in its financial accounts for the second half of 2020. NAB’s remediation program has resulted in current and former part-time employees receiving a combined $55m in compensation to date. However, the Finance Sector Union believes that NAB’s wages underpayment bill may be much higher, given that many of the affected employees work full-time. The union is preparing to take Federal Court action on behalf of NAB’s full-time workers.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FINANCE SECTOR UNION, FEDERAL COURT OF AUSTRALIA

$834m in blowouts spur Fortescue exits

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Original article by Nick Evans
The Australian – Page: 15 & 18 : 17-Feb-21

Fortescue Metals Group has advised that chief operating officer Greg Lilleyman has left the pure-play iron ore miner in the wake of a sharp rise in the cost of its Iron Bridge magnetite project. Fortescue’s director of projects Don Hyma and Iron Bridge project manager Manie McDonald also recently stepped down. The Iron Bridge project was initially slated to cost $US2.6bn, but this is believed to have blown out by about $US650m. CEO Elizabeth Gaines and CFO Ian Wells will forgo their annual bonuses for 2020-21 due to the cost blowout.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Australia Post chair to front Senate inquiry

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Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 27-Oct-20

Australia Post chairman Lucio Di Bartolomeo has been asked to appear before a special Senate estimates hearing on 13 November. The call for Di Bartolomeo to appear at the special hearing came as the terms of reference for an inquiry into the purchase of expensive watches for senior Australia Post executives were released by the federal government. Australia Post CEO Christine Holgate, who purchased the watches, has stood aside during the investigation, while John Stanhope, who was chairman of Australia Post at the time Holgate bought the watches, says he will co-operate with the inquiry.

CORPORATES
AUSTRALIA POST

Shipton likely to follow Crennan in ASIC exit ‘by year’s end’

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Original article by Richard Gluyas
The Australian – Page: 13 & 17 : 27-Oct-20

The Australian Securities & Investments Commission’s deputy chairman Daniel Crennan maintains that he had received advice that his expense claims had been line with the corporate regulator’s policy. Crennan formally resigned on 26 October in the wake of the expenses scandal that has embroiled himself and chairman James Shipton; Crennan indicated that he had intended to retire from ASIC in mid-2021 anyway. Meanwhile, former Australian Competition & Consumer Commission chairman Allan Fels expects Shipton to resign before the end of 2020. Fels says ASIC has had a "very poor record over many years".

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

ASIC overhaul as chair faces exit

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Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 26-Oct-20

An independent review into the expenses of Australian Securities & Investments Commission chairman James Shipton is expected to be completed before the end of 2020. Shipton has stepped aside pending the outcome of the review, but sources have suggested that he is unlikely to remain in the role. ASIC’s acting chair Karen Chester is tipped to succeed Shipton, who has agreed to repay the expenses he incurred in relocating from the US to Australia. ASIC’s deputy chair Daniel Crennan will also repay expenses associated with moving from Melbourne to Sydney.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION