cr.p results, page-30

AFR pg 12: "Tabcorp needs a new hand to play".

Further states how clearly management has dropped the ball. I agree with the article and is well laid out. Should be read by both the board and senior execs. It will give them a heads up to what to start with in fixing the problems.

*Corporate Costs at Tabcorp HQ are approaching $20m a year, having pumped up by senior appointments. (Remember the appointments made for Int'l expansion, only to be canned several months later for poor operations at home). Thats right if we cant have things run properly in our own backyard, o/s wont work. But what to do with the team Mr Slatter??

*Corporate Governance. Does the board think we dont read Proxy statements? What a joke. Slatter's package initially drafted that his bonus linked to low average compound growth rate in eps of 4% for him to receive an 80% vesting of his performance options. What a joke. Peter Morgan said it best and Perpetual a big critic.

I gave Slatter the benefit of the doubt. But to blame smoking bans and the Govt is not good enough!
Operational management is the issue and it can be sorted.
As Peter Morgan said: "I've always said these assets [owned by Tabcorp] are great but they are not being run for proper returns." I agree with him regarding the poor performance over the last year compared with that of TAH's peers.