young's pay rise, page-4

BusinessDay Article: It pays to do your own research

The technology company that has a hard time explaining what it actually does, Nexbis Limited, has continued to save time and money by doing its own back-of-the-envelope research on how much it should pay its executives.

Nexbis, whose shares have slumped more than 85 per cent over the past two years, has explained in its annual accounts: ''The directors have decided not to appoint a remuneration committee due to the current scale and nature of the company's activities and the 'flat' organisational structure of the company.

''The board, however, actively researches appropriate remuneration levels for executives and employees,'' said the company, which reported a $13.8 million loss for the year. This is on top of the previous year's $49.6 million loss.
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One can only wonder where Nexbis does its research. Despite the company's continuing woes, its chief executive, Johann Young, saw his overall pay for the year to June 30 jump from $400,000 to $1.15 million. His pay for the year included a 50 per cent increase in base pay to $600,000 and a $548,100 cash bonus.

Nexbis's chief financial officer, Peter Dykes, saw his pay more than double to $811,000. Aside from his base pay jumping by $100,000 to $475,000, Dykes was awarded a $336,000 cash bonus.

ref: http://www.businessday.com.au/business/it-pays-to-do-your-own-research-20111003-1l54b.html