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Issue No. 145 | 19 July 2002 |
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Two Wings Flapping
Interview: In The Tent Bad Boss: The Desk Nazi Media: Hold the Presses Workplace: Putting Bullies In Their Place Industrial: Women and Work International: Whine and Dine History: Black Adder Review: Bad Movie Poetry: I Remember
The Soapbox The Locker Room Bosswatch Week in Review
 Make My Week!Real ReformHooray for Frank!Reform or Die
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Bosswatch Nothing Exceeds Like Excess
ASIC Targets Management Greed Australian Securities and Investment Commission chairman David Knott has called for an end to management greed, asking boards to avoid short-term pay-offs in rewarding executives. Knott says the structuring of executive payment packages was an affront to good corporate governance. He says executive options should be expensed in company accounts and that disproportionate option issues were an affront to shareholders. He also noted that all countries should be committed to ensuring that options tied to remuneration packages were properly accounted for. (Source: AAP)
Brokers Eye Register For The Bad Boys The stockbroking maxim "know your client" could be turned on its head if a radical proposal to make information about advisers more easily available is implemented. The Securities and Derivatives Industry Association has formed a working group to examine a proposal that would allow employers, and possibly the public, to search the register before taking on an adviser. Variously described by broking sources as a "rogue traders register" or an "undesirable advisers list", the proposal is based on the US model, which makes professional information about advisers publicly available. While the idea is still in the conceptual stages, SDIA policy executive Doug Clark said the present system made it difficult for members to get comprehensive information about individual brokers. (Source: SMH) Business Group Urges ACCC Curbs But talk of greater regulation does not wash with Australian business. The Australian Chamber of Commerce and Industry this week attacked the Australian Competition and Consumer Commission, claiming its use of the media is aggressive, damaging to firms and should be strictly limited by a code of practice. In its submission to the review of the Trade Practices Act, ACCI has lashed out at the ACCC's use of the media to enforce the act. Such behaviour needed to be constrained by a code of practice, limiting the ACCC's ability the use the media, the ACCI said. (Source: The Age) Good-Time Guys Enjoy The Good Ship HIH Far more than an insurance company, HIH appears to have been a benevolent society for young men on the make. According to evidence before the HIH Rroyal Commission this week, Brad Cooper, a Rodney Adler protege who ran an HIH subsidiary, scored $250,000 for his club, Collingwood - weeks before the insurer went belly-up. The money was paid, with no firm arrangements in place for its use, when Mr Cooper was running for election as a club director as part of the team of his mate, Eddie McGuire, the Collingwood president and a Packer protege. With HIH struggling in the six months before it collapsed on March 15 last year with debts of $5.3 billion, deserving creditors were sent chasing up many a dry creek gully. Meantime, what Mr Martin termed "rivers of money" were flowing to Mr Cooper, a man the QC described as "less-deserving" precisely because he was in debt to HIH at the same time he was being paid millions by it. (Source: SMH) Rivkin Faces Insider Trading Trial Flamboyant Sydney stockbroker Rene Rivkin was this week committed to stand trial on one charge of insider trading. The high-profile broker was taken to court by the Australian Securities and Investments Commission. The commission alleged Rivkin bought Qantas shares just hours after being told by the head of the now defunct airline Impulse that it was likely to merge with Qantas. Counsel for the corporate watchdog, David Yates, SC, told a committal hearing today in Sydney's Downing Centre Local Court that Rivkin bought 50,000 Qantas shares just hours after speaking to Impulse Airlines owner Gerry McGowan. Rivkin must now face a jury in the NSW Supreme Court on a date to be fixed. (Source: AAP) Lights Off At Opentel And Spike And a couple of dot.com fairytales came to end this week with two long-suffering dot coms, Spike Australia and Open Telecommunications, laying off around 260 staff between them. Web designer Spike - which was placed in the hands of insolvency experts Ferrier Hodgson last week - sacked most of its staff at noon yesterday and by 3pm had closed its doors. Less than an hour later, one-time Packer favourite Open Telecommunications told the stock exchange it was also in the hands of administrators. Its 200 staff were stood down pending the outcome of a creditors' meeting next week. (Source: SMH)
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