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Talk about taking Aussies for a ride! Given what he's being paid, did anyone bother to check his references from the US when he applied this job? I'm sure that they would have been less than glowing. I get paid less than 1/100th of what he does and I had to provide good references for the job I now have. Considering he had to come here to get work, because I doubt anyone in the US would give him a job, the amount he's being paid (performance or not) is ridiculous. Question is, once he's lined his (and his amigo's) pockets, will he just do the dash an leave a disaster behind him...again?
Oh, and I agree with the other comment that regardless of all the above, that amount of money for doing very little is wrong - and that applies to all these CEO's, sports stars, actors etc. What about all those in the world barely surviving?
There are plenty of excessive CEO salaries, and often CEO's collect millions when they leave after performing very poorly. $12 million is huge, but Jo Best. could not have bothered to read the required performance conditions. As a shareholder I see no possibility that Sol or other executives will meet those conditions. I will be delighted if they do.
What a poorly researched article from Jo Best.
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For probably the first and last time in my life, I actually agree with John Howard! I understand that an executive's salary might be linked to their perceived or actual performance, but I firmly believe that the amounts are simply outrageous. No one single person can be worth a total of $AUD11.8 million, or even a base rate of $AUD3 million.
I am currently living in China, in a province of around 45 million people. This amount of money would keep most of the people here in food, water and habitation for a year. For one single person to have that amount of money is just obscene.
I do not for one minute believe it to be "market forces" which dictate these sort of salaries. I think it is simply greed, as these are the same executives who make the rules. Even with companies who have boards and shareholders, who amongst them would be willing to stand up to them and not approve their requested yearly pay-rises?