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Asciano CEO foregoes $750,000

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October 22, 2008 - 5:24PM
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Asciano Group chief executive Mark Rowsthorn will forego $750,000 in short-term incentive payments in a move to soothe investor anger over the dramatic fall in its securities price and costly former investment in Brambles Ltd.

Payments to Mr Rowsthorn and other managers came under fire at Asciano's annual general meeting from securityholders who have watched its securities price plummet from above $11.00 in June 2007 to $2.75 on Wednesday.

The transport and infrastructure group booked a $182 million annual loss for 2007/08 after writedowns affected the bottom line.

Significant items included writedowns on the grain haulage assets of Asciano's Pacific National rail freight business and a loss on the sale of Asciano's stake in pallet provider Brambles of $103.7 million.

Before taking a non-binding shareholder vote on the adoption of Asciano's remuneration report on Wednesday, Asciano chairman Tim Poole told securityholders that the assessment of Mr Rowsthorn's performance and consequent reward had not included the effect on group earnings of the Bramble's divestment.