Corporate pay bonuses are in the headlines this morning as many discuss the do, s and dont,s of Ardent leisure boss Deborah Thomas accepting part or all of her $843 000 incentive bonus given the state of play with 4 recent deaths and continual headlines of things going wrong leading up to the tragedy. Financial imperatives getting well in the way of personal safety at a fun park. (mull over that one) .
And its good to see punter power getting some time in the sun with pay packets for PCG s fund managers being struck out at the latest meeting. This should happen more regularly imo.
"The award for the biggest punch-up of the AFL off season might just go to its chairman, Carlton legend Mike Fitzpatrick.
He was the subject of what may be the biggest strike against executive pay packets in corporate Australia on Thursday.
Investors in the boutique fund manager he chairs, Pacific Current Group, overwhelmingly rejected its remuneration report, with 85 per cent of shares voted against it at the company's shareholder meeting at Herbert Smith Freehills' Collins St offices.
Fitzpatrick owns roughly 10 per cent of the stock, but was obviously not allowed to vote.
A 25 per cent vote against a remuneration report is enough to register a "first strike".
Two consecutive strikes and investors have the option of spilling the entire board, so it was no wonder the AFL chairman was in such a conciliatory mood with his fellow investors after the company reported a loss of $48.2 million.
"I recognise that this has been a difficult period for our shareholders and on behalf of the board, I want to thank you for your continued support and patience during this time," he said in his prepared speech for the meeting."
( fairfax)
Keep the bastards honest I say!! Where is Don Chipp when you need him?
Have a good day all, Melbourne Cup Tuesday so don''t expect much from us southerners on monday and tuesday.
