
Issue No 48		31 March 2000

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News

Shares Plummets But Rio Bosses Get Millions

By Paddy Gorman

The fact that Rio Tinto shares plummeted from a high of $33 in January this year to $22 in March, wasn't enough to stop the multinational's bosses from dipping their snouts in the corporate trough again.

Chief executive Leon Davis and chairman Robert Wilson have got a salary increase to close on $5 million a year. The 16-man Board of Directors have also celebrated the declining share value with increases ranging from $100,000 to $600,000.

The latest rises come just months after Rio Tinto announced that Davis would retire this year on a package worth about $16 million. It would take almost 400-years for an Australian worker on the average weekly wage to earn Davis's retirement package!

In sharp contrast to the directors incompetent performance, Australian mineworkers have increased productivity to record levels at Rio Tinto's operations only to be confronted by a company drive to lower wages and cut conditions.

With the company's Annual General Meetings to be held in May in London and Brisbane, Rio Tinto can expect another concerted attack on its shocking global record and the pathetically inept performance of its arrogant Board members.

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  Issue 48 contents

Interview: The New President
At the end of her first week in the job, new ACTU President Sharan Burrow trades emails with Workers Online.

Health: Making Sense of Medicare
Nurses lift the lid on the Medicare myths as they shape up for a major national campaign.

Unions: Bush Bashing
The Finance Sector Union is taking to the road to pressure the government to impose community service obligations on banks.

Politics: The French Connection
While Victorian building unions are seeking a 36 hour week, Eurpoean nations like France are taking a more communcal approach to working time.

Economics: Mutual Obligation
New statistics show that an increasing number of people are volunteering to contribute to the community.

History: Living Library - Part II
More on the rich labour history that is housed within the walls of Sydney's Mitchell Library.

International: Russian Revolution
Russian trade unions are calling for the revision of a draft Labour Code, against the backdrop of Presidential elections.

Review: Casino Royale
Laurie Aaron's new book is sparking a lively debate about how a progressive agenda can be adapted to the challenges of globalisation.

Satire: Chop �em Up and Stick �em in Acid�
The West Australian Government is poised to pass Pakistani-style sentencing laws.

» Workers Demand Internet Access to Organise

» ILO Condemns Australian Labor Laws

» Flying Doctor Grounds Aussie Jobs

» Bank-Bulance Hits the Road

» April Deadline on Olympics Pay Claim

» Pressure Builds on Stellar Contract

» Shares Plummets But Rio Bosses Get Millions

» Nurses to Launch Medicare Campaign

» Action Boosts Wages for Disabled Workers

» SA Workers Close Building Industry

» Political Economy for Activists

» Workers to Set the Tunes for Dili Streets

» OBITUARY - George Petersen (1921-2000)