I want to give a hearty congratulations to CBA chief Ian Narev for his $7.8 million pay packet announced yesterday. And no, for once, I am not saying that facetiously, there is not a hint of sarcasm or irony in that.
No, I am publicly defending a mulitmillion dollar executive pay packet and for a big four bank no less.
I wanted to get in before the bank bashers whip themselves into a frenzy.
A few facts – they hate facts, those bank bashers.
CBA has just reported a massive $7.8 billion dollar profit, a record, their shares have soared accordingly and are also at an all-time high so which bit of that makes him undeserving.
If you are still sceptical let's make a few comparisons as fortuitously a few other executive remuneration reports were released yesterday.
Lance Hockridge is now one of our highest paid CEOs. Who the hell is Lance Hockridge you ask, as well you might. He's chief of Aurizon. What the hell is Aurizon, you ask, as well you might. It's a relatively new company being the former QR, government-owned Queensland Railways. Mr Hockridge is pocketing a 34 per cent pay increase to $6.1 million and Aurizon's profit only rose a mere one per cent to $447 million. You do the math. I think Mr Narev looks far better value.
Still not convinced? Let me just say these words to seal the deal: Bluescope Steel.
The struggling steelmaker paid out its chief Paul O'Malley some $5.1 million dollars a whopping jump from $2.8 million on the day they announce a loss of $84 million and the shares plunge another 16 per cent.
I kid you not. Take that bank bashers.
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