Golden Handshakes

It was a week when it paid to be sacked, with outgoing CEO's of big financial institutions walking away with some juicy seven-figure payouts.

More Sun for Metway Chief

First out of the blocks was Suncorp Metway chief Steve Jones, who has walked away with a secret options deal of $16 million. The bank has admitted falling short of market expectations in failing to disclose details of the sale, which involved the disposal of two million stock options late last year. Around the same time chairman John Lamble approved the deal, he was also entreating the all-finance giant's 185,000 "loyal" small shareholders to take part in a share purchase plan which subsequently raised $205 million. Jones, who resigned unexpectedly on Monday two years before his contract expired, netted around $16 million before tax from the deal, which was only spelt out to shareholders in the latest annual report, now arriving in their letter boxes. Suncorp's shareholders are preparing to unleash a barrage of criticism at next month's AGM over Mr Jones's departure. (source: Herald-Sun)

Batchelor Bows Out of AMP

Then it was AMP where, after a litany of criticism over disclosure, poor performance and his options, CEO Paul Batchelor finally bowed to months of pressure and resigned this week. In a cleanout of the top ranks, chairman Stan Wallis will also depart in six months. AMP says Batchelor's payout had yet to be decided, though it is likely to follow the multi-million sums for retiring executives since demutualisation. (Source: SMH)

And $18 Million for BHP Boss

Completing the troika of happy retirees is BHP-Billiton chief executive Paul Anderson, who has been given a multi-million dollar golden handshake. According to the company;'s annual report, Anderson, who steered the company through its merger, earned more than $18.2 million during and after the last financial year. Almost half came from his base salary, cash bonus and share-based compensation, with an additional payment of more than $9 million when his employment ended and he passed the baton to South African Brian Gilbertson. But that's not all, Anderson is continuing to receive a sum of $US104,739 ($190,400) in consultancy fees. (source: ABC)

Top Guns Admit To High-Flying Lifestyles

But even these guys could learn a thing or two from HIH, with more revelation of glorious excess at the Royal Commission. On Wednesday the commission heard the extraordinary news that in HIH's last 24 hours, it had been pillaged to the amount of $10 million. Corporate adviser Deutsche Bank got $6 million, solicitors Blake Dawson Waldron $1 million and "entrepreneur" Brad Cooper about $2 million. The rest went to virtually anyone who held out their hands. (Source: SMH)

Top Futuris Execs Share the Pain

It doesn't balance the ledger, but Futuris shareholders feeling agitated about the plunge in the group's share price during the year may be somewhat appeased to learn that the same drop cost the group's two most senior executives more than $1 million.

Managing director Alan Newman and director corporate affairs Les Wozniczka had to watch as the value of their options slumped dramatically along with the share price and earnings, which were down 23 per cent to $61.4 million. However, rises in the base pay of both executives meant that they managed to take home more cash. (Source: SMH)

Send Crooks To Jail: Survey

It's hardly a surprise, but most Australians support calls from Australian Competition and Consumer Commission chairman Allan Fels that jail sentences be imposed on big business executives engaging in hard-core collusion, a survey has found. A special Morgan Poll undertaken this week found that 87 per cent agreed with proposed changes to the Trade Practices Act. While the findings suggested public support for his position, some of the comments from respondents pointed to a level of community resentment directed at corporate Australia that went beyond the Trade Practices Act. While 77 per cent in the 18 to 24-year age bracket supported jail sentences, 93 per cent in the 25 to 34-year age bracket, 91 per cent in the 35 to 49-year-olds and 90 per cent in the 50-plus group felt the same way. (Source: The Age)

KPMG Deals with It's Bad Name

Finally, one accounting firm has worked out what to do when their name is mud: change their name! KPMG Consulting to be re-badged next week ahead of its float on the New York Stock Exchange. Aiming to raise its profile in global financial markets and expand its potential investor base, KPMG filed its application to list earlier this month. It already trades on the Nasdaq under the ticker KCIN. The new identity is being closely guarded, with only a handful of insiders having any idea what the new moniker would be. (Source: SMH)