"Telstra chairman John Mullen has told the company's shareholders that Australian executives are paid too much and there is an argument for getting rid of complicated executive bonus schemes."
Too bloody right, and if you want to see Exhibit A go and check out the complexity and generosity of the remuneration deals that Orocobre has in place for Richard Seville and now even more so for the local hire, Manuel. The company is at least 3 years behind schedule for Olaroz phase 1 getting up to nameplate and at least 18 months behind schedule for Olaroz phase 2 getting built and still the board of directors are paying the executives like they were performing miracles. You can certainly question Mr Seville's competence but there is no doubting that his timing is exquisite. What amazes me even more is that the company has taken on Manuel with no probation period, has airlifted him into both CEO and MD roles (so basically from Day One it's his company), has given him a seven figure package and allowed him to work from home.
If I still hold ORE in late November I will be voting against all remuneration resolutions.
