World Briefing | Asia: Mount Everest: Olympic Torch Road On Hold Plans for a 67-mile blacktop highway to a base camp on the Tibet side of Mount Everest to ease the Olympic torch’s journey to its peak have been put on hold, according to Ju Jianhua, the director of T... Read Full Article Irwin Doco ’harrowing’ For Terri Steve Irwin’s widow will probably never again watch the program her husband was working on when he was killed by a stingray.... Read Full Article Boeing Scores With Dreamliner Order The International Lease Finance Corporation signed an agreement with Boeing for an order of 52 new 787 Dreamliners.... Read Full Article New Power In Africa: Entrepreneurs From China Flourish In Africa Hundreds of thousands of Chinese migrants are doing business on a continent that until five years or so ago had been terra incognita.... Read Full Article Retired Generals Criticize Bush’s Plan For Iraq A panel of retired generals told a Senate panel that sending 21,500 additional troops to Iraq will do little to solve the underlying political problems.... Read Full Article |
Executive Queries Pay Level For Top End Of TownFORMER Westpac New Zealand boss Ann Sherry has joined the ranks of those questioning the stratospheric salaries paid to top executives. Ms Sherry, the newly appointed chief executive of international cruise ship company Carnival, which controls troubled P&O Cruises, told The Sunday Age that "the market for executive salaries is seemingly a universe of its own". "Its difficult to sustain a business environment where the people at the top of the company are paid multiples of hundreds of times the people who are doing the frontline work." A senior banking executive for 13 years, Ms Sherry earned $2.7 million annually during her five-year stint as Westpacs chief executive in New Zealand. PricewaterhouseCoopers predicted last month that the disparity between executive remuneration and other staff would widen as listed companies increasingly mimicked private equity. "Where a private equity bid for a listed company has failed, the listed company will need to give serious consideration as to how they are going to continue to motivate and retain their key executives," the report states. "This is because these executives are likely to have been excited by the leveraged private equity remuneration model and may not be satisfied with a continuation of more conservative pay structures." The gulf between pay for senior executives in private equity firms and publicly listed companies was revealed in the failed bid for Qantas. As part of the proposed deal, Qantas senior managers were to receive up to a 100 per cent bonus on the cash component of their annual base salary, increasing to 200 per cent in 2007-08. But Ms Sherry said shareholders and employees were demanding that top executives rein in their salaries and their spending. "Were seeing a reaction to that through shareholders forcing executives to put pay into shares." Tag CloudExternal InformationAdditional InformationOff the Air: The Light Goes Out for Don Imus...What’s Online: The Economist on ?Fair Trade?... After the Summit, a Different Path... Square Feet | Ventures: For Some Investors, Money Grows on Trees... Where Am I?News Main Page - Business - Executive Queries Pay Level For Top End Of Town |
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