Stay Tuned…

We are nearly at the end of the profit reporting season and Bosswatch is eagerly awaiting the chance to analyse annual reports to expose who got the big executive salaries and the unjustifiably excessive stock options for a less than average performance this financial year...there are sure to be a number. In the meantime, shake your head at a selection of the more dubious activities at the big end of town that didn't quite make the headlines this week.

PICKS OF THE WEEK

Maternity leave ruling

BOSSES who refuse to allow employees to work part time after maternity leave face hefty payouts after a landmark federal court ruling.

Full story: http://www.careerone.com.au/resources/story/0,8523,7153251-22549,00.html

Australians are a hardworking bunch

AUSTRALIANS are among the hardest workers in the world despite easing up in recent years, according to research.

Full story: http://www.careerone.com.au/resources/story/0,8523,7153248-22549,00.html

Creditors sink Pan rescue bid

Creditors, estimated to be owed up to $160 million, out-voted 128 Pan workers - who stand to lose their jobs - to kill the rescue deal being backed by entrepreneur Fred Bart.

Full story: http://www.theaustralian.news.com.au/common/story_page/0,5744,7140432%255E462,00.html

Australia's Crown Casino Taken To Task Over Internal Audit

Australia's Crown Casino has reportedly been found to have a string of faults with its corporate governance and compliance procedures.

Full story: http://au.news.yahoo.com//030903/3/ljdu.html

Seven's job cuts 'ring barking localism', Rann says

South Australian Premier Mike Rann has questioned the Seven television network's commitment to local production in the wake of the announcement that 34 full-time operational and technical staff will be axed from its Adelaide workforce.

Full story: http://au.news.yahoo.com//030903/21/ljuu.html

Insurer shakes up board procedures

The insurance group also said it would increase directors' fees, with the chairman's fee increasing by $80,000 to $300,000 a year. The base fee for a director would increase from $70,000 to $100,000 a year.

Full story: http://www.theage.com.au/text/articles/2003/09/01/1062403450430.htm

NAB to pay $67m for price glitch

IN the midst of stalking the AMP share register, the National Australia Bank has received a $67 million reminder of the hidden perils of merging wealth management operations.

Full story: http://www.theaustralian.news.com.au/common/story_page/0,5744,7160305%255E643,00.html

New court blow for One.Tel trio

Former One.Tel director Jodee Rich, chief financial officer Mark Silbermann and chairman John Greaves suffered another setback yesterday.

Full story: http://www.smh.com.au/articles/2003/09/03/1062548906832.html

Action hero is in a class of his own

Shane King this week became a hero for more than 23,000 dis-affected GIO shareholders. But the 32-year-old printing production planner from Sydney's Hoxton Park dismisses the platitudes over the role he played in this week's historic $112 million class action settlement.

Full story: http://www.smh.com.au/text/articles/2003/08/29/1062050668539.htm

LEGISLATION NEWS

ASIC draws up ethics guide

The financial services industry has to disclose its position on ethical issues such as labour standards, environmental and social factors in any investment product it offers to the market.

Full story: http://www.smh.com.au/articles/2003/09/03/1062548904649.html

Why doing time may deter corporate crimes

Despite million-dollar fines, the courts are failing to deter companies that breach trade practices.

Full story: http://www.theage.com.au/text/articles/2003/08/29/1062050670845.htm

INTERNATIONAL

New York Stock Exchange faces heat over chief's pay deal

NEW YORK (AFP) - The 140 million dollar pay package given by the New York Stock Exchange to its chairman Richard Grasso has embarrassed the world's biggest stock exchange at a time when it is seeking to show an example of good governance.

Full story: http://au.news.yahoo.com//030903/19/ljt6.html

NYSE pays Grasso $220m on top of salary and bonus

The board of the New York Stock Exchange announced yesterday that it had paid its chairman and chief executive, Richard Grasso, a lump sum of $US140 million ($220 million) in accrued savings, benefits and incentives.

Full story: http://www.smh.com.au/text/articles/2003/08/28/1062050611386.htm

WORLD WIDE WEB

Corporate Campaigning

Infact has been exposing life-threatening abuses by transnational corporations and organising successful grassroots campaigns to hold corporations accountable to consumers and society at large since 1977. Infact has been a driving force in US corporate campaigning from the Nestlé Boycott of the 1970s and 80s over infant formula marketing, the GE Boycott of the 1980s and 90s to curb nuclear weapons production and promotion, to the Boycott of Kraft Macaroni & Cheese--a product of tobacco giant Philip Morris. Through broad-based consumer campaigns and Corporate Hall of Shame, Infact have a core of well-trained organisers who lead the grassroots challenge to unwarranted corporate influence.

Go to: http://www.infact.org/

SATIRE

Something to post in the tea room...

Notice

Everyone gets enough exercise jumping to conclusions, flying off the handle, running down the boss, knifing colleagues in the back, dodging responsibility, and pushing their luck.

For further information

Contact:   Chris Owen
Email:   c.owen@labor.org.au
WWW:   www.bosswatch.labor.net.au