pac brands ceo gets 170% increase in pay

February 27, 2009 - 8:27AM

Australia's top union boss has launched a scathing attack on the chief executive of Pacific Brands, labelling her 170% pay hike last year "obscene'' and a "corporate crime''.

It's been revealed the total remuneration for Pacific Brands' 13 directors more than doubled last year as the company planned to sack more than 1800 workers.

Chief executive Sue Morphet's pay jumped from $685,775 to $1.86 million.

"It's obscene,'' ACTU president Sharan Burrow told ABC Television.

"Corporate Australia, it would seem, has lost its moral compass.''

Ms Burrow said the Bonds owner was cynically moving offshore to increase profits, despite receiving $15 million from taxpayers over the past two years to reskill and retool.

"It's a crime, it's a corporate crime, there's no doubt about that.''

In sacking 1850 employees, Ms Morphet was shredding the lives of workers, mainly migrant women who wouldn't be able to get other jobs, Ms Burrow said.

"Yet she walks away a wealthy women - it's anger-making.

"There's a rising tide of anger.''

Ms Morphet should pay back some of her massive salary, Ms Burrow said.

The ACTU chief also blasted outgoing Telstra chief executive Sol Trujillo for accepting an estimated $30 million golden handshake, despite sacking thousands of workers during his time at the top.

"This is not the kind of corporate leadership Australia needs,'' Ms Burrow said.

"We need people who are prepared with the shareholders to take a hit on the bottom line this year to see Australia through and keep jobs in the economy.''

The union boss said executives should be standing up for decency and she congratulated the federal government for promising to go through Pacific Brands' books.

Anything the government can do to get inside this company to get the real story would be terrific.''

AAP


http://business.theage.com.au/business/pacbrands-pay-rises-obscene--actu-20090227-8jfq.html