Hidden bonuses for executives, page-34

What does this remind us of?

Extracted from
http://www.watoday.com.au/business/...ctor-remuneration-report-20161025-gs9wev.html

The protest came after Tabcorp decided to increase the pay packet of chief executive David Attenborough to $3.19 million in 2016 from $2.73 million the year prior.​

Mr Attenborough received the pay rise despite Tabcorp's net profit plummeting nearly 50 per cent to $169.7 million during the year. During the same period underlying profit grew 8.4 per cent to $185.9 million. ​

Shareholder Eric Chan challenged the performance hurdles Tabcorp used in granting bonuses to its executive team, criticising Tabcorp's pay structure where the chief executive can collect a bonus despite the share price falling or the company booking reduced profits.​

"I'm not quite happy about it.... You don't align shareholders and CEO performance really," Mr Chan said.​

He said the company should introduce an absolute return measure that took into account poor results for shareholders instead of the company's relative performance measure – which compares Tabcorp's performance to the performance of other companies.​