Independent slams BlueScope executive pay packages
Federal Independent Senator Nick Xenaphon has slammed BlueScope’s executive remuneration after the company posted a $1 billion loss and slashed 1,400 jobs.
The company’s chief executive Paul O’Malley collected a $721,000 bonus, its chairman Graham Kraehe also received $486,082 for attendance to the company’s monthly board meetings as its non-executive director.
Mr Xenaphon attacked the packages, labeling them as ‘obscene’, describing a “dark day” for corporate governance.
"There is something particularly obscene about BlueScope doing that when they have just laid off 1000 of their workers," Mr Xenaphon said.
"This is unbelievable. Manufacturing is facing the worst crisis since the Great Depression and BlueScope's response is to further line the pockets of paper-pushing executives," Australian Workers Union national secretary Paul Howes said.