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Good Timing - Not!

With most informed commentators of the view that the proposed IR laws will diminish working conditions for employees and result in reduced income for workers, industry bodies continue to support the Government. Why wouldn't they? Bottom-line they are the captain's of industries union.

Now come news as a page 1 feature article in today's Australian Financial Review [Shareholders urged to lift directors' fees - not available on line unless a subscriber] that directors are urging shareholders to lift director's fees. More responsibility and life just more onerous claim the small cabal of men, and some women, who make up the directorships of the majority of major corporations. Poor darlings!

Don Argus is quoted in the AFR article

"Mr Argus said he spent about 120 hours a month on his two chairmanships, and Boral chairman Ken Moss estimated there had been a 25 per cent increase in committee work over the past two years due to governance and accounting changes"

So, with 2 chairmanships [and other directorships beside] poor Don is working 120 hours a month. Hey, wait a minute! The proposed IR legislation speaks of a 38 hour week. 4 X 38 hours makes 152 hours per month - based on a 4 week month.

The question then has to be what are Argus and his cohorts complaining about? It's not as if they, or he in particular, are being poorly remunerated.

Great timing, though, to rub it into wounds of the workers that the directors - and then subsequently the flow-on down to management - already in receipt of high fees are seeking even more.

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