It seems the trend of rewarding company bosses with extravagant pay rises regardless of performance isn’t limited to Telecom’s $7 million man, Paul Reynolds.
The Dom Post reports the bosses of Contact and Skellerup have been given huge pay rises, despite both companies’ profits taking a dive in the last year.
Contact’s managing director David Baldwin made an extra $117,000, bringing his total package to $1.6 million, despite a 50 per cent fall in company profit.
Contact’s share price has slumped from a peak of almost $9.75 early last year to just under $6 yesterday.
And Skellerup’s executive director Donald Stewart received a pay packet of $801,000 in the 2009 year, compared with $509,000 the year before.
Mr Stewart’s pay rise came as Skellerup’s net profit fell 37 per cent
Like we’re seeing with Paul Reynolds’ unbridled greed and Bill English’s housing allowance rorts, it’s one rule for those at the top and another for the rest of us. We shouldn’t tolerate it.
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