The Commonwealth Bank of Australia
(CBA), the country’s biggest bank, has “managed to fend off a protest vote against executive pay”, says The Sydney Morning Herald. One-fifth of shareholders rejected the remuneration report, which handed chief executive Matt Comyn (pictured) a total pay package of almost A$5.7m (£3.1m) for the year, up from A$4.4m in 2019. His pay included a short-term bonus of A$2.4m.
CBA’s stock is down 30% to 40%, results are down 11% for the year, yet the bonuses get bigger, Vas Kolesnikoff of shareholder advisory service ISS said ahead of the vote.
Alex Cruz stepped down as chairman and CEO at British Airways last week with immediate effect after leading the airline for four years. He was paid £805,000 in salary,
benefits and pension in 2019, but took a 33% pay cut during the pandemic,
says The Guardian.
The Unite trade union has called for a more constructive relationship with the incoming CEO, describing BA’s handling of industrial relations in the Covid-19 crisis as “unnecessarily confrontational”.
Mike Ashleys Frasers Group
Shareholders in Mike Ashley’s Frasers Group have approved an unconventional bonus scheme provided the share price triples to £10 over the next four years, says the Financial Times. “The potential £100m plan envisages a cash payout of up to four weeks’ salary being paid to all eligible employees, with shares wards for up to 1,000 earless’ staff whose performance has
Nice Work If You Can Get it
Members of Parliament are looking forward to receiving an extra £3,360 on top of their £81,932 annual salaries from next year, says Esther Webber in The Times. The Commons watchdog, the Independent Parliamentary Standards Authority (IPSA), has proposed that MPs’ pay should be linked to the average rise for public-sector workers as it undertakes its consolation on salaries. That means next year’s pay rise is expected to be based on October’s public-sector three-month annualised growth figures of 4.1%.
The watchdog defended the decision “given the huge economic uncertainties arising from the pandemic”. MPs have already been given an extra £10,000 expenses allowance to meet homeworking costs. Jeremy Hutton, a policy analyst at the TaxPayers’ Alliance pressure group, told The Sun: “IPSA must be tin-eared if it really thinks a pay rise for MPs should be considered this year.
Kris Paterson is a writer for www.whatjobs.com the global job search engine