|
Issue No. 141 | 21 June 2002 |
Bitter Pills
Interview: The Fels Guy Solidarity: Life or Death? Unions: Back to Basics International: Global Terror History: Sorry Business Technology: Future Active Satire: Executive Presents PowerPoint Eulogy at Mother�s Funeral Poetry: Santa Claus Was Coming to Oz Review: Dial 'M' For Minority Report
Fair Share: Link Executive Pay to Wages Abbott�s 'Rule of Law' Faces Court Challenge Royal Gaze Averted as Bosses Shut Down and Fined Molten Metal Sparks Safety Probe Consumer Boycotts Don't Break Law: Fels Korean Own Goal in World Focus STOP PRESS: Court Ticks Off on Service Fees Zero Tolerance on Casino Violence GIO Workers Challenge Bosses' Union Wages Nurses Reject Band-Aid Solution Saving Lives In Killer Productions McDonalds Vandal Becomes Global Hero Debate Rages Over Chinese Unions
The Soapbox The Locker Room Week in Review Bosswatch
Tom Bites Back Root Canal Therapy
Labor Council of NSW |
News Fair Share: Link Executive Pay to Wages
In an effort to kick-start community debate on executive pay, NSW Labor Council secretary John Robertson says wage relativities are worth investigating. Robertson says a national response is needed to address spiraling executive pay levels and will take the issue up with the ACTU. "It's a complex issue that involves the mix between shareholders, wage-earners and executives," Robertson says. "But what is clear is that executive salaries are running rampant - often with no connection to the profitability of a company. "We are seeing the debate run internationally, with some European nations calling for statutory limits; they're recognising that this is an area that might need some form of regulation. "I think it would be useful to go a step further and actually link executive pay to wages - it would build in an inceptive for CEOs to actually increase wages rather than cut them." The call follows a wave of CEO wage rises. Recent revelations include: - Macquarie Bank CEO Allan Moss receiving a $1 million pay rise, taking his salary to $24,500 per day. - news that NAB paid three executive of the failed HomeSide venture in the US a combined bonus in excess of $ 8million. - a push by Treasurer Peter Costello to present foreign CEOs with a $50 million tax break. That move is being challenged by the Federal Opposition. - new statistics from the USA showing the average CEO salary has risen from 45 times the average weekly wage in 1973 to 450 times the average today. "Workers struggling to survive on average wages are dumbfounded at the multi-million pay-outs going to CEOs," Robertson says. "Any political party that came up with a response to this would be on electoral winner."
|
Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
© 1999-2002 Workers Online |
|