http://www.smh.com.au/business/sharp-end-of-the-pay-scale-despite-losses-20101026-172fl.html It is a shame the loss-making safety syringe company Unilife switched its primary listing from the ASX to the Nasdaq this year.
Had it kept its domicile in Australia, its chief executive, Alan Shortall, would now be rubbing shoulders with the Commonwealth Bank boss Ralph Norris, the Leighton chief executive, Wal King, and the BHP Billiton boss, Marius Kloppers.
Accounts made available to the ASX yesterday, where Unilife has a listing, showed Shortall was paid $US11 million last financial year.
This was slightly behind what Kloppers was paid for heading a mining company that generated $US53 billion in revenue last financial year.
Shortall pocketed $US7.7 million in stock awards and $US2.6 million in option payments on top of his 33 per cent rise in base pay to $US428,019.
Shortall's brother Eugene was paid $US1.7 million for the year. While Unilife generated only $US11.4 million in revenue for the year and a $US29.7 million loss, Shortall backed up the tripling of his total remuneration with some big words. ''The opportunity to enhance and save lives, while also building revenue and profits for our shareholders, makes Unilife a very special company,'' he said in the annual report.
Unilife is chaired by the former Westbus boss Jim Bosnjak. Last week Unilife said it had secured more government funding in the US for its syringe factory, which is yet to open in Pennsylvania. The company will hold its annual meeting in New York on December 1.
If Shortall's contract is not renewed he is entitled to a payout of up to $US8.9 million.
HIN Price at posting:
$1.99 Sentiment: LT Buy Disclosure: Held
