I meant to comment on the updated ACSI report on chief executive salaries for the top 100 ASX companies in Australia, It was released a few days ago. Over the ten year period to 2010:
- Executives increased their annual salaries 131% to $4.322m. The median executive bonus increased 190%.
- The ASX increased in value 30.1%. Wages rose 53% and inflation 28.6%.
The local porkers will doubtless claim they are paid a pittance compared to those in the US where an average CEO salary for the top 350 firms was $9.3m in 2010. The US meal rose a sturdy 11% over 2009/10 as US executives showed the world they have what it takes to be both inefficient and successfully greedy.
Update (16/9): Bluescope Steel announced plans this year to sack 1000 workers and made a $1b loss. The company’s share price fell from $2-37 in February to 69.6 cents today. I am one of the unfortunate shareholders. Graham Kraehe today defended the board decision to grant executives a $3 bonus not on the basis of results obtained but because the executives had shown ‘strong leadership’. I don’t believe Graham and think this bonus is a total disgrace. Bluescope’s CEO earned a salary of $1.74 million and received an extra $700,000 for his ‘strong leadership’. (320)