It’s not a case of the King’s need, it’s the same model that works here: screw the workers and reward the CEO for being so smart for doing it. Qantas is a great local example, Telstra especially under its earlier US CEO, AMP gave one of its earlier CEOs a $2million leaving present for screwing up. Medibank Private gave it’s already well remunerated CEO a $2,000,000 bonus this year after releasing millions of members details to the world. These bonuses have nothing to do with performance and not unlike the King’s arrangement they are usually cozy deals with a few board members.
A $1 million bonus to the CEO is the same cost of giving nearly a thousand workers a $20 a week pay rise but when was the last time you heard either the RBA or an employer’s group warn that CEO pay rises would push up inflation?
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