The executive snouts have been buried well & truly in the trough at AWB over the past two years.
AWB Limited 2008 results show that the company paid $17 million in remuneration to 13 executives plus a further $1,115,481 to the 14 people who served on the board during the year.
AWB Limited has paid more than $15 million in remuneration to two of its Geneva-based officers in the past two years.
According to AWB’s results for 2007-08, former Geneva office manager Thierry Dubois was paid $6.57 million in 2006-07 and $6.75 million the following financial year.
AWB’s financial year runs from October 1st to September 30th each year. The report shows that Dubois resigned from the company on the 26th of January 2008.
It was a particularly happy Australia day for Thierry as the AWB board handed him a whopping termination payout cheque for $6,499,523. Thanks for coming Thierry. He had already been paid $254,000 salary for the 15 weeks since the start of the financial year on October 1st 2007, meaning he walked with a massive $6.74 million after 15 weeks, on top of the $6.57 million he’d been paid the previous year.
Not to be out done his replacement Piero Ravano pocketed $2,184,682 for the year including a whopping bonus of $1,764,501.
But apparently there is nothing unusual about this:
AWB corporate affairs general manager Robert Hadler said the payments to Mr Dubois and Mr Ravano were not excessive.
I wonder what in Roberts mind would be considered excessive?
Newsflash Robert, 99% of wheat farmers and shareholders would not think the payments were excessive either, just bloody obscene.
Ah, at least we know that executive greed is alive and well at AWB.
(Thanks to Agmate Peter)
Have your say!
January 4, 2009 at 9:25 am
G’day Bruce,
Click on the link in the article ’2008 results’ it takes you straight to the official AWB 2008 financial results.
The figures are lifted straight from there. They are accurate.
January 4, 2009 at 7:05 am
I don’t know if the above figures are exactly spot on as I sold my awb shares a long time ago so do not have the annual report to look at the figures. However, assuming they are correct they are not surprising as the whole head office seems to be infected with a bad culture.We have heard very little from our farmer organisations about these matters and/or the retirement payments to retiring board members including the outgoing chairman.