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Telstra punters voice anger |
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TELSTRA'S small shareholders have urged the company to fight what one called ''the theft of our assets by an autocratic, temporary Government'', and at the same time berated chairwoman Catherine Livingstone over executive remuneration packages. .... Although the vote in favour of accepting the remuneration package was 95.88 per cent, there was anger at executive payments. Australian Shareholders Association director Michael Perry said the $9 million paid to former chief executive Sol Trujillo for his final 10 months at the company was totally unacceptable. ''We've decided not to oppose the remuneration report, but we do have some serious concerns,'' Mr Perry said. ''I believe the contract with Mr Trujillo was excessively generous, in both terms and quantum and this resulted in a very high payment to him ... I would like you to take that on board.'' Mr Perry said it was also unacceptable that Telstra networks boss Michael Rocca had received a $1 million ''retention'' payment without it being approved by the remuneration committee, and was in line to receive another. Read full article in the Brisbane Times
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WAN investors hail Stokes |
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WESTERN Australia's home-grown media mogul, Kerry Stokes, has declared The West Australian newspaper "back on track" after a year of aggressive editorial and management changes. ... Australian Shareholders Association chairman Doug Armati said the difference yesterday from last year's fiery AGM was remarkable. "There was a mood of anxiety then. That's gone," he said. The ASA monitors more than 200 companies across Australia and Mr Armati said the "love" displayed yesterday was a rare event indeed. All of the questions turned into praise. The nearest thing to criticism was one shareholder making an impassioned plea to save rainforests by offering cut-down versions of papers for readers who didn't want the huge real estate and car sections. Read the full article on The Australian
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Shareholders OK Telstra exec pay |
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Telstra shareholders have unequivocally voted in favour of the remuneration packages currently awarded to its top executives. ... Michael Perry of the Australian Shareholders' Association told Livingstone that "excessively generous in both terms and quantum". Livingstone defended the pay out on the grounds that it had been negotiated as part of Trujillo's contract. "Whilst it was to the letter of the contract, it was simply far too much," Perry said. "I would like you to take that on board. ... Read full article on ZDNet
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Shareholders urge Telstra to fight separation |
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Telstra shareholders have urged the telco to stand up to the federal government's plan to split its business and to withdraw its support for a national broadband network (NBN). In a three-hour-long question and answer session at Telstra's annual general meeting on Wednesday, retail shareholders voiced their opinions on the legislative reforms, executive remuneration and Telstra's customer service. ...However, several shareholders voiced their concerns about Mr Trujillo's pay, with Australian Shareholders Association representative Michael Perry describing his final pay packet as "excessively generous in both terms and quantum". "Whilst it may have been to the letter of the contract, it was simply far too much," Mr Perry told the meeting. ... Read full article on The Bull
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Pay deals draw investor anger |
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SHAREHOLDERS angered by easy bonuses and weak incentive programs have launched a stinging protest vote against excessive pay packages, just weeks into this year's annual meeting season. Transurban Group unit holders yesterday delivered a substantial protest vote against the company's executive remuneration report, with 67 per cent of proxy votes and 41 per cent of all votes against. Of concern to unit holders was new chief financial officer Tom Honan's $1 million sign-on bonus, chief executive Chris Lynch's $2.8 million short-term incentive bonus, and the number of free units offered to executives without unit holder approval. Read full article in The Age. Tuesday, 28 October 2009
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