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Issue No. 332 10 November 2006  
E D I T O R I A L

Affairs of State
For those of us on the left of politics it’s been a week where there is more joy in thinking global rather than focussing on the local.

F E A T U R E S

Interview: Common Ground
Nature Conservation Council director Cate Faehrmann on the fight against global warming and how unions and greens can learn from each other.

Industrial: A Low Act
The Low Paid. The Fair Pay Commission knows who pays them. We can do something about it as they will not.

Unions: The Number of the Least
Forget 666 - 457 is looming as the scariest number for Aussie workers and their families, Jim Marr writes.

Politics: The Smoking Gun
Hayek's henchman, Raplph Harris, goes to free market heaven, writes Evan Jones

Economics: Microcredit, Compulsory Superannuation and Inequality
They are supposed to ensure the wealth of well-being of individuals. Whats wrong with that? asks Neale Towart

Environment: Low Voltage
Nuclear Power and Prime Ministerial pronouncements are seriously short of a few volts, wrties Neal Towart

History: The Art of Social Justice
Tom Martin was a terrific cartoonist and part of a great tradition in labour movement history and culture, swrties Neale Towart.

Review: Work’s Unhealthy Appetite
It pays the bills – usually – but going to work should come with a warning, wrties Jackie Woods.

Culture: A Forgotten Poet
There is little information on the public record about the radical working class poet Ernest Antony, writes Rowan Cahill.

N E W S

 Abrasive Giant Pinged on Sackings

 Offshoring Good for CV: Qantas

 Records of Convenience

 Construction Lives Going Cheap

 Suncorp in Dee Why Denial

 States Fall to Unions

 Bisshop Looking for Converts

 Guestworkers Off the Menu

 AAPT Hangs Up on Country Jobs

 Super Funds Fight Telstra Perks

 Taxing Times for Compo Cheat

C O L U M N S

The Soapbox
Robbo Goes Green
John Robertson's speech to the Walk Against Warming

Parliament
The Westie Wing
Ian West takes a look at a former public institution and its contribution to NSW.

L E T T E R S
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News

Super Funds Fight Telstra Perks


Super funds are trying to halt the great Telstra executive cash grab being led by American multi-millionaire Sol Trujillo.

They will challenge "excessive" cash perks, being pocketed by a range of suits, at next week's AGM.

The Australian Council of Superannuation Investors (ACSI) has advised member funds to vote down Telstra's remuneration report on Tuesday over concerns that large cash and share bonuses are not subject to shareholder approval, and are too easy to access.

ACSI, whose members control $160 billion, issued the voting advice on the grounds:

o Telstra didn't seek shareholder approval for 1.64 million shares to executives

o Telstra's most senior executives received short-term incentives despite lower profits and plummeting share prices

o short term incentives are paid in cash only, rather than half cash, half shares

o management controls the interpretation of long-term incentive hurdles.

"This level of control and oversight mean these hurdles are open to control and manipulation, in that they may be achieved without substantial benefits being derived to shareholders," ACSI director Phil Spathis told the Australian Financial Review.

But while shareholders will be given an opportunity to question Telstra's remuneration report, which includes details of executive pay packets, their vote on it will be non-binding.

And the company's largest shareholder, the federal government, has indicated it will support Telstra's remuneration report.

Super funds control about a quarter of the Australian sharemarket and manage more than $900 billion worth of assets.


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