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Issue No. 147 | 09 August 2002 |
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A Call to Action
Interview: Save Our Souls Unions: Rats With Wings Bad Boss: If The Boot Fits History: Political Bower Birds International: No More Business as Usual Corporate: The Seven Deadly Sins of Capitalism Industrial: Stiffed! Review: Prepare To Bend Satire: Bush Boosts Sharemarket Confidence: Shares his Cocaine Stash
Competitions The Soapbox The Locker Room Week in Review Bosswatch
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Bosswatch Muddy Waters
Howard Dodges Reform Prime Minister John Howard has backed away from demands for greater corporate legislation, distancing himself from the tough stance taken by President George W Bush and the US Senate last week. Speaking at a business lunch this week, Howard said that while some government intervention was appropriate, the situation on corporate regulation in Australia was very different from the crisis of confidence now raging across corporate America. He says Australia needs self regulation coupled with appropriate "but not excessive" levels of government involvement was what Australia needed. He says a tougher approach would only push companies to find loopholes in the law. (Source: SMH) But Even the Markets Want Action Investment analysts are calling for greater transparency in the way companies report their earnings, with employee option packages a main area of concern. As the reporting season steps up a gear, the latest survey from the Securities Institute showed 63 per cent of analysts were in favour of adding a line to a company's balance sheeting showing the cost of offering stock options to staff and to senior management in particular. With Australia committed to adopting international accounting standards in 2005, the chief executive of PricewaterhouseCoopers Australia, Tony Harrington, said companies would have to take note that the standards might eventually include the pricing of options into accounts, with the discussion over the issue gaining momentum overseas. He also warned against tightening regulations on auditors, saying the focus should remain on instilling better ethics and business practices, not tougher laws. (Source: SMH) Williams Faces HIH Music The head of the collapsed insurance giant HIH, finally faced questioning this week over the spectacular crask of his company. Former chief executive Ray Williams has told the royal commission he may have been naive but was never dishonest in his dealings. He also admitted approving a $1 million after tax "golden hello" to the company's new finance director, while he took $4.7 million to compensate for loss of future salary when the company floated, the royal commission heard today. Williams said he was paid $1 million or more a year before HIH listed on the Australian Stock Exchange, and that the pay-out was calculated because his salary dropped after the 1992 float. (Various Sources) Murdoch Defends One.Tel Involvement Meanwhile across town, News Ltd chairman Lachlan Murdoch was forced to defend his involvement in another stunning corporate fall, One.Tel. Murdoch was questioned over the massive bonuses paid to One.Tel founders Jodee Rich and Bradley Keeling were legally binding. Murdoch says that he examined whether the bonus payment agreements were legally binding around the time of the March 2000 board meeting. Murdoch says he forced the pair to review the levels at which bonus were to repaid, but then the conversation as they extracted millions under the initial arrangement. (Source: NineMSN) Vodafone Backs Streakers, Not Staff Vodafone could face significant penalties if it was found to have incited a streaker at the weekend Bledisloe Cup match, police said. Police are investigating reports Vodafone managing director Grahame Maher agreed to pay the fines of two streakers who pulled a publicity stunt at Saturday night's game. The scandal emerged as Vodafone announced plans to retrench up to 300 of its technical staff. Unions say the sacked staff had not been given any information on the review or an explanation of why they were selected. Vodafone had already reduced its headcount by 30 per cent to 2100 in the 2001-02 financial year. (Various Sources) Bond Corp Director Faces Polish Music A Polish court is hearing an appeal by former Bond Corporation director, Tony Oates, against a ruling he be extradited to Australia. Mr Oates is wanted in Australia to face fraud charges relating to the collapse of the Bond-controlled Bell Resources. He has also appealed to the High Court to overturn a ruling in which he challenged the validity of the 17 charges against him. (Source: ABC)
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