Newspaper article The Morning Bulletin (Rockhampton, Australia)

{Obscene Golden Handshake Has No Justification} {}

Newspaper article The Morning Bulletin (Rockhampton, Australia)

{Obscene Golden Handshake Has No Justification} {}

Article excerpt

LIKE most Australians, I am appalled when chief executives exit struggling businesses with obscene payouts in their back pockets.

No matter what these people have managed to achieve, it is impossible to justify these golden snouts-in-the-trough handshakes.

It is just wrong.

One wonders how shareholders could possibly agree to allowing such a bonus scheme to eventuate.

It leaves a bad taste in your mouth when the company fails and the executive still walks away with enough money to run a small country - and buy a luxury yacht.

The Suncorp Metway example this week is a case of a CEO getting a golden handshake under questionable circumstances.

In fact the Finance Sector Union is calling on the Federal Government to stop chief executive John Mulcahy receiving an estimated exit payout of $2.4 million.

Mr Mulcahy announced on Thursday he would step down from the position but stay in the job until a replacement is found.

Suncorp, which shed 650 staff last year, has told the market its net profit could plunge 45%, to $210 million, for the first half of the financial year. …

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