1. Most Discussed
  2. Gainers & Losers
CSL $139.92

another example of obscene payments

  1. ckent8

    868 posts.
    If it's not enough to see Batchelor Boy at AMP get multi-millions for screwing shareholders, check this extract from AFR (27/2/03...p. 46) :
    "McMAMEE'S $7.2M OPTIONS WINNER"

    Despite his stock (CSL) tanking more than 70% this year, (Brian) McNamee is on a nice little earner which he crystallised yesterday into a paper profit of $7.2 Million. The trained doctor and one time professional tennis player exercised 530,333 options that he's accumulated in his 12 years while at the helm of CSL.
    The head of the blood products group certainly did not break the budget in exercising his options...he paid the princely sum of $5303.33 for the options, which cost him only 1c each.
    The one bit of good news in all this for struggling ounters is that McNamee will surely be slugged a hefty tax bill. This shouldn't pose too many problems, given his remuneration package more than doubled last year from $3.3 Million to $7.54 million - placing him not far off Australia's highest paid executives.
    And if there's no spare change out of this, McNamee has a further 300,000 options which he could always sell to cover any shortfall with the tax man.
    Just in case you thought most of these were issued years ago when lucrative options were in vogue, you're wrong.......243,000 of these 1c options were issued last year.
    ________________
    To me, this is an abomination.....I've not seen a better example of pure, unadulterated greed from an Australian corporate manager ever......and that includes Bachelor, Cuffe and all the rest (even OneTel).
    What exactly the CSL Board is doing, I don't know....perhaps they can all receive free plasma transfusions....that might wake them up from their Zombie trance.
    CHEERS

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top