The clowns at TTY are extremely well paid for their current...

The clowns at TTY are extremely well paid for their current performance, they have done nothing special that rates them a large increase or performance bonus. So far they have only done what you'd expect from the fat pay cheques that they get.
When they actually increase shareholder value back to the $1/share that we paid in the capital raising then we can talk about a performance bonus and a pay rise, until then they can suffer like ALL shareholders.


Shareholder revolt over executive pay as survey shows they have risen 20pc

The warnings from senior institutional investment managers and superannuation trustees comes as new analysis by The Australian shows the Labor government's efforts to rein in executive pay have failed.

The median statutory pay rise for chief executives is 10.8 per cent, based on a sample of 104 companies. The average rise -- skewed by big ticket rises such as that of Ralph Norris at Commonwealth Bank of Australia -- is a more significant 20.7 per cent.

The median pay rise, judged modest against some of the annual rises over the past decade, especially in the period of 2000 to 2007, masks some dramatic lifts in individual pay packets such as those of Mr Norris, Asciano Group chief Mark Rowsthorn and Pacific Brands chief Sue Morphett.

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A combination of sharp rebounds in share prices feeding through to short-term incentives and equity-linked rewards, bumps to base pay and one-off cash bonuses has fuelled these escalations.

Constellation Capital managing director Doug Little said investors like himself were keenly aware that many CEO salaries "have increased at a faster rate than rewards to shareholders or even the recovery in the market".

"You look at the remuneration rewards that are coming through at the moment and they don't quite match up," Mr Little said.

"Yes, Australia Inc has done very well, and yes that's been due to some good executive management. But Australia is going strong on the back of China demand and it's easy to look good when the tide is coming in."

The median rise was based on annual reports released in 2010, including for December 31 and March 31 balance dates. Where individuals had been appointed during the period, the figures were excluded, given they were not comparable.

The Australian examined 15 of the most significant percentage lifts in total statutory pay for companies with June 30 balance dates and compared this with the total shareholder returns (share price gains plus dividends) in the period, as a measure of fairness.

The TSR for the company was then divided by the TSR for the benchmark S&P/ASX 200 index over the same 12-month period, being 15.53 per cent. In four cases -- AGL Energy, Dexus Property Group, Fairfax Media and Pacific Brands -- the multiple was actually less than one times.

Fairfax chief Brian McCarthy enjoyed a 60 per cent leap in total pay to $2.66 million, largely driven by a $200,000 increase in base pay and cash bonus of $1.16m.

Australian Council of Superannuation Investors chief executive Ann Byrne also sounded a warning to those companies where executives received large increases in base pay."If there is an increase in base pay, we expect that to bear some relationship to pay rises that may have occurred to the workforce of the company," Ms Byrne said.

"But if they are in addition to that, we do expect to see that there has been a work value change."

The 75 per cent jump in the pay of CBA's Mr Norris to $16.2m infuriated the Financial Services Union, which described it as a "disgrace" against the 4 per cent rise for 17,000 employees under a recent enterprise bargaining agreement.

Constellation's Mr Little was critical of the executive pay rises that had been doled out at Telstra, saying it was one example where the company, with its lowering of forecasts and targets, effectively made it easier to justify giving bonuses to executives.

But Guerdon Associates executive director Michael Robinson said that of the companies he had looked at, total remuneration and fixed pay had been largely unchanged. However, he said there were "variations" and these were largely "accounting adjustments of long-term incentives".

Macquarie's Nicholas Moore -- excluded from the calculation of the median and average pay rise -- is one such example. Mr Moore's salary leapt from $290,000 in 2009 year to $9.6m. "So there's been upward adjustments on unvested stock. That's where you've got swings," Mr Robinson said.

But he was critical of the reality that pay rarely fell "because performance pay only cuts in for meeting or exceeding expectations, when really you should have pay varying with all levels of performance.

Various governance groups say you should only pay a bonus for an above-average performance, or above expectation. At the moment it's confined to a very narrow window of above-average performance."