BRIEFS

PAY I

PAY I

Macmahon's first strike

SHAREHOLDERS have delivered Macmahon Holdings its "first strike" over executive pay amid widespread anger over a recent earnings downgrade and a forecast first-half loss. More than 28 per cent of shareholders voted against the mining contractor's pay report on Friday, despite a commitment from executives to take a 10 per cent salary cut for the remainder of the 2013 financial year, as it has a major review of costs and sheds up to 50 jobs.

PAY II

Bank's loss not CEO's

BANK of Queensland's chief executive, Stuart Grimshaw, was paid $1.8 million, including a $500,000 bonus, in the same year the company made a loss. BoQ posted a $17 million loss in the year to August 31, the first by a local bank in two decades. The result was caused by BoQ's exposure to the struggling property market in Queensland, where 60 per cent of its loans are written.

BAILOUT

More money for Dexia

THE French and Belgian governments said they would inject an additional ?5.5 billion ($A6.7 billion) into Dexia, an acknowledgement that the bank's finances have continued to deteriorate since its first rescue in the 2008 financial crisis.

UTILITY

Electricity profits up

VICTORIAN electricity and gas distributor SP AusNet's half-year profit has grown by 16 per cent due to higher electricity prices and an increase in gas volumes. On Friday it said its net profit in the six months to September 30 was $169 million, up from $146 million in the same period last year.