For the avoidance of any doubt, let me summarise our discussion tonight, once and for all.
I first said: "Question I pose to you, if he is earning $500+k now, what will he be asking for when the Company gets a smell of revenue? Even the big4 bank CEO's only earn a couple million max and they earn billions in revenue a year. The point is his salary is completely disproportionate to where SAS is currently at."
Your response:
@Senseightynine best check your Big 4 Bank salary claims .....I think your missing a zero...
From here you are implying that my statement of a couple million salary is incorrect for big 4 executives. You think I am missing a 0, meaning you think Big4 Bank executives are earning in excess of 10million. I replied with a detailed post:
https://hotcopper.com.au/threads/sas-allegedly-laying-off-many-staff-at-london-office.4685484/page-126?get_post=true
This outlined the cash component of the NAB CEO's salary (seeing as the SAS holders here seem to disregard any share based payments or bonuses when discussing Meirs remuneration) as being 2.9million, clearly showing that i am not, infact, missing any 0's and my original statement above was correct.
This post went on to compare Meir's salary at a pre-revenue start up of approx $500k against a successful, 28.5bn turnover business CEO earning 2.9million. The question I asked, which you have not yet answered was:
"So you tell me, how you think that Meirs 500k salary is justifiable based on the current start-up phase that SAS is in? Like he said himself, he is in this for the long haul and wants to complete his dream and vision to the very end. So surely you can take a sacrifice for a few years, if it helps save the company a few million in the short term? Not only that, he gave himself a payrise going forward too. Actions speak louder than words, and if he was true to his word, he would be more than willing to accept a lower pay while focusing on getting the Company in to a profitable state, and collect the rewards once he succeeds."
Your response to the above was:
"As Kingy would tell you read the whole report ....Andrew Thorburn took near 4 million with bonuses"
"......National Australia Bank chief executive Andrew Thorburn's pay packet rose to $6.7 million last financial year after the bank unloaded a swag of poorly performing overseas businesses in order to lift returns. ...."Okay, so you want to include share based payments in this discussion. From thereon, I posted a screenshot of the NAB and SAS remuneration reports, outlining the total remuneration for each executive, comprising of both cash elements and non-cash elements in their package.
$6.3m for NAB CEO vs $3.2m for SAS CEO.
Again, where am I missing the 0, which you purported in your original response to me? So a Company that generates 28.5billion in revenue issues total 'pay' to its CEO totalling 6.39million, whereas a Company who is in its infancy, 'pays' its CEO $3.2m.. now how is that for perspective?
Unfortunately for you, you tried to outwit and outsmart me, even resorting to using the infamous kingy quotes, which as we can all see has not worked out so well.
But wait, there's more!!
You posted:
"@Senseightynine ... Andrew Thorburn took a 2.1 million dollar pay cut just ahead of the bank royal commision into banks .."
I believe you are getting this information from a news article, rather than the official financial reports, which clearly show the following total remuneration for Andrew Thorburn:
2018: $6.3m
2017: $6.6m
2016: $6.7m
2015: $5.4m
So again you are posting incorrect information or not quite understanding what you're saying. Unless the 2.1m is going to be applied for the 2019 financial year, which would be applied against the non cash, share based payments most likely. I replied to say his salary has not in fact decreased by 2.1m as you have claimed.
Now you end with this beauty of a gem:
"Now you just agreed with me that NAB pay there CEO 6.3 million...!...thankyou."No where in my posts, or your posts have we discussed the validity of the 6.3m payment. Infact I was the one that posted the screenshot of him earning this amount! Regardless, 6.3million is a bit short of the "best check your Big 4 Bank salary claims .....I think your missing a zero..." point you initially tried to attack me on.
Now that that is all done and dusted, cameo, I invite you to answer the following outstanding questions I posed to you which you ignored, just so we can get back on topic.
Question I pose to you, if he is earning $500+k now, what will he be asking for when the Company gets a smell of revenue? Even the big4 bank CEO's only earn a couple million max and they earn billions in revenue a year. The point is his salary is completely disproportionate to where SAS is currently at.
Further to the above, they hired staff (which they apparently did not need), let them go, and decided at the same time to give themselves a payrise as a cost-cutting initiative? Explain this to me.
So you tell me, how you think that Meirs 500k salary is justifiable based on the current start-up phase that SAS is in? Like he said himself, he is in this for the long haul and wants to complete his dream and vision to the very end. So surely you can take a sacrifice for a few years, if it helps save the company a few million in the short term? Not only that, he gave himself a payrise going forward too. Actions speak louder than words, and if he was true to his word, he would be more than willing to accept a lower pay while focusing on getting the Company in to a profitable state, and collect the rewards once he succeeds.
Apologies for the long post, and going off on the tangent, just to try to drive the points across.
