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Doing right thing by shareholders.
Australasian Business Intelligence, March, 2003
Mar 04, 2003 (Herald Sun - ABIX via COMTEX)
Stan Wallis's rejection of his $A1.6 million retirement package was a rare example of executive responsibility. Pay-outs to failed executives have become astronomical and are causing pain to the shareholders that keep companies afloat. Each occasion brings public condemnation, but corporate Australia keeps allowing such payments to be written into contracts. AMP has its fair share of examples. Before Wallis, George Trumbull took $A13.2 million, while Ian Burgess got $A1.1 million and the company is fighting Paul Batchelor for the $A20 million he feels he is owed. Two of the worst examples are Jodee Rich and Bradley Keeling, who took $A7 million bonuses a year before One.Tel collapsed.
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