The signs were apparent from the time O'Mally was appointed. His huge salary augmented with massive bonus scheme based on cashflow. Driven company to the wall... yet i read today he is still creaming it!! Somehow shareholders remain tolerant. An EGM should be demanded IMO.
"Today Senator Xenophon said the figures showed chief executive Paul O'Malley would get a $721,000 bonus on top of his $2 million salary.
He said the bonuses accounted for 15 per cent of the company's operating cash flow.
"This company is laying off 1000 workers and it has it hands out for taxpayer support to the tune of $100 million, yet it still has the gall to pay its executives these obscene bonuses,'' Senator Xenophon said.
"I would like BlueScope's executives to explain to their sacked workers why the bosses need the money more than the sacked workers do."
Read more: http://www.news.com.au/money/over-100000-could-join-unemployed-ranks/story-e6frfmci-1226120070199#ixzz1VuRiOemb
Ann: Open Briefing , page-33
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