MERIT PAY – AUSTRALIA

Performance bonuses here to stay at ABC

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Original article by Stephen Brook
The Australian – Page: 3 : 17-May-18

The ABC has defended its remuneration system in the wake of revelations that staff received bonuses totalling $A2.6m in 2017. A spokesman has indicated that fixed remuneration rates for ABC executives are consistent with market rates, while performance pay scales are below market rates. Communications Minister Mitch Fifield notes that federal government departments abolished executive bonus schemes in 2008, but the government has no power to direct the ABC to do so.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, SPECIAL BROADCASTING SERVICE (SBS), NBN CO LIMITED, COMMUNITY AND PUBLIC SECTOR UNION

Rio chair’s confusion over pay

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Original article by James Chessell
The Australian Financial Review – Page: 13 & 16 : 8-Dec-16

Rio Tinto chairman Jan du Plessis has told a UK parliamentary committee of the growing complexity of the remuneration packages of British executives. He noted in particular the trend to measure executives’ performance by an increasing number of performance criteria. Du Plessis also conceded that he has trouble understanding some aspects of Rio Tinto’s remuneration policy, and said companies must do more to justify the high salaries paid to their executives.

CORPORATES
RIO TINTO LIMITED – ASX RIO, SABMILLER PLC, ANHEUSER-BUSCH INBEV SA/NV, HIGH PAY CENTRE, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER

Borghetti beats Joyce on pay

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Original article by Steve Creedy
The Australian – Page: 23 : 1-Oct-14

Figures on the remuneration of leading executives at airline Virgin Australia show that CEO John Borghetti was paid a base salary of $A1.67m in 2013-14. This is less than the $A2.05m for Alan Joyce, his counterpart at main rival Qantas Airways. However including incentive awards, Borghetti’s overall package increased 4% year-on-year to reach $A2.78m. The respective underlying losses before tax of Qantas and Virgin for 2013-14 were $A646m and $A212m

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, QANTAS AIRWAYS LIMITED – ASX QAN, VELOCITY FREQUENT FLYER PTY LTD