Shocking Resolutions, page-46

CEO remuneration 2012 (cont)

CDY $466K
BNO $482K
NRT $814K
GTG $255K

One also needs to consider the total executive and director wages bill for these companies. It can be like comparing apples to oranges because operational circumstances and business models vary considerably. Judgement is required.

Up until now, the total executive and director bill for CDY has been low because most of the responsibility sits with the CEO rather than being spread across several senior executives.

Some companies such as GTG that pay their CEO a lot less than CDY but also employ several senior executives wages in the $200K+ range. The end result is a higher total wages bill. In GTG's case a number of people, including a US based VP a earn more than the CEO.

NRT looks high for what they are (as a company) until you realise that the incumbent is located in the US based subsidiary. US executives earn a lot more than Australian ones.

My conclusion is that the industry is as the industry is and that I don't need to vocalise much of an opinion on the numbers... except perhaps to say that CDY just seems to be in the mix, albeit at the higher end.

Of greater import is be the management of costs and revenues within the Advangen business. Japan represents the bulk of this business and we have guidance relating to improved business models (including distribution arrangements) in that country. Near term I expect this end of CDY to clearly pull its weight (which now includes executive remuneration) then some.

What a SP fork with multiple prongs is called ?

Cheers