Held Hostage Interesting to read this in the main street press:
Bank creditors, not Spaniards, get bailed out
David Olive G & M Business Tuesday June 12, 2012
Eventually it will strike everyday folks that the planet is held hostage by a financial elite whose
"business plan" is the short term accumluation of bonus pools for CEO and top management, who's self
interest knows no bounds and social responsibility is microscopic.
I half jokingly wrote to Darcy yesterday "Are we being held hostage by the banks?".
What's holding things up? Time to let loose the money folks and if the share price of this world class stock
doesn't go up substantially neither should anyone get an bonus.
There was also a story yesterday in the Globe about shareholders in some cases having the right of voting
down management compensation.
Corporate governance
Executive compensation: Shareholders have their say
JANET McFARLAND
The Globe and Mail
Published
QLT Inc. became the first Canadian company to lose its non-binding advisory pay vote, reporting late last week that shareholders voted 58 per cent against its compensation program.
Typically, packages of executives’ salary, bonus, stock options and other benefits receive rubber stamps from shareholders. And though it has taken a couple of years, institutional investors are becoming more comfortable with their new strength...
Compensation experts say one reason QLT is the only company to have lost a pay ballot so far is the votes are still voluntary in Canada; many smaller companies or those with controversial pay practices can simply opt not to put the issue on their proxy ballots
something like that.