Australian CEO's paid 93 times average workers wages

[bob10]

Seems an awful lot.

'What are we paying bank CEOs for?' | The New Daily (http://thenewdaily.com.au/money/finance-news/2016/09/27/bank-ceo-pay/?utm_source=Responsys&utm_medium=email&utm_campaign=20160928_TND)

[Ean Austral]

Lucky them is all I can say.


Cheers Ean

[harro]

I don't think it has much to do with 'luck';)

[bob10]

I don't think it has much to do with 'luck';)

I think the article agrees with you.

[Ean Austral]

I don't think it has much to do with 'luck';)


A friend of mine used to be the CEO of one of the big banks. He started as a teller , put himself thru uni as and in the end worked his way up to the top job.


Sure they get ridiculous money but hey he stuck with it and good luck to him.


Having to have security for your kids , and full time body guard was the side you don't see.


Cheers Ean

[1984V8110]

There was an interesting article in 'The Economist' recently that showed a graph which showed an inverse relationship between executive pay and total returns to shareholders. That is companies who paid execs less than the median outperformed those which paid more than the median.

While I support significant wage differentials for people having different levels of responsibility it does appear that in 'Anglosphere' economies such as Australia there is scant evidence that the ever increasing wage differentials are reflected in long term performance of firms.

[DiscoMick]

The Big Four Australian banks are a government-protected monopoly, so they are merrily gouging the customers as much as possible, as their bloated profits demonstrate.
We have joined the growing exodus to second tier banks, in our case BOQ, who have been excellent. Their lending department was swamped with applications like ours from people leaving the big four, so we had to wait 6 weeks for approval, but we had been warned to expect that, so it was OK.
As for companies generally, I don't mind if bonuses are linked to the company's performance, however when the company is going down, but the executive pay is going up, then you know something is wrong.
We seem to have caught the American disease on CEO pay where CEOs are rewarded for boosting dividends to shareholders, not for growing their companies.

Sent from my SM-G900I using AULRO mobile app

[bob10]

Some questions may be answered. Thankfully we have never had a credit card. I deal with a Credit Union, and have been happy with them. We had to deal with a Bank, for our War Service Home loan, but that is payed off now. The only problem I had with the Credit Union was when I applied for a personal loan, some years ago. The Manager of the Branch at that time refused the loan, but offered me an over draught [ think that's what it's called], at about double the interest rate. Don't think so. We deal with two big banks, as well. Spread it around, so to speak. They used to send us letters promoting their credit cards, I wrote back, " don't call us, we will call you".

Four questions the banks must answer (http://thenewdaily.com.au/money/finance-news/2016/09/28/questions-banks-must-answer/?utm_source=Responsys&utm_medium=email&utm_campaign=20160929_TND)