CBD
The corporate watchdog may be copping regular kickings from all and sundry over its apparent inability to growl convincingly at besuited crooks, but at least its top staff are still getting paid enough to keep them out of the kennel.
Note 12 of the Australian Securities and Investments Commission's annual report, which was tabled in Federal Parliament on Wednesday, shows commissioners were paid a total of $2.96 million in the 2012-13 financial year, up from $2.18 million the previous year.
An accompanying table purports to show how many commissioners got how much, but CBD fears that if similar was included in a prospectus the fearless ASIC staff who vet fund-raising documents would knock it back for lack of clarity.
It shows that two commissioners reaped between $690,000 and $720,000 (including super). That's odd because according to the most recent figures provided by the Remuneration Tribunal, which sets the pay of public servants, only chairman Greg Medcraft should be trousering that much. The solution was that there was a "one-off superannuation payment" to a commissioner this year that moved them into a higher bracket - ASIC doesn't say who, but CBD is reminded that deputy chair Belinda Gibson, whose pay is fixed by the Rem Tribunal at $573,000, resigned in May.
While some will no doubt be outraged that Medcraft gets $716,000 a year, CBD reckons he is hard done by. While his pay is the same as ACCC boss Rod Sims and Solicitor-General Justin Gleeson, SC, over at APRA prudential kingpin John Laker for some reason got a package worth between $900,000 and $930,000 last financial year.
Bookie cashes out
Troubled bookmaker Betezy has been sold, CBD hears. UK giant Ladbrokes is said to be the buyer, although some reckon the NT-licensed bookie had been offloaded to a private investor.
Whoever has snapped it up has a lot of work to do to restore the faith of punters. Since 2011, the territory's Racing Commission has made four adverse findings against Betezy, and punters are also unhappy about its onerous conditions on bonus bets and its cancelled Tipezy contest (CBD, Wednesday).
CBD also heard talk that former Sportsbet head honcho Matt Tripp is somehow involved in the deal between Ladbrokes and Betezy, but of course this can't be true because his undertaking not to compete with his old shop doesn't expire until next March.
Betezy's Robert Parker didn't respond to a phone call, Tripp couldn't be reached at one of his many companies, WG Technologies, and an email to Ladbrokes has yet to be answered.
Bah, humbug
We'll know the boom is back when extravagant Christmas parties are once again the done thing, but judging by the penny-pinching going on at John Pollaers' Pacific Brands the peak of the market is still some way off.
PacBrand's manchester division, Sheridan, was planning a yuletide blowout at Melbourne's Maritime Museum, but intervention from head office short-sheeted the idea. Instead, staff will be confined to the office for the towel-flicking break-up.
Mind you, a couple of weeks ago PacBrands did put on what was described to CBD as a "cultural business transformation breakthrough working session" for 320 senior managers at the MCG.
Edelsten silent
Has disgraced doctor Geoffrey Edelsten given up on his Australia's Worst Journalist website? The cybernetic sewer was back in operation on Thursday after a recent outage (CBD, Monday), but there hasn't been a fresh outpouring of outrage since August 28 and no one answers the AWJ hotline. Come on Geoffrey, lift your game.
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bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
According to ASIC's annual report, commissioners were paid a total of $2.96 million in the 2012-13 financial year, up from $2.18 million the previous year. This includes a one-off superannuation payment that moved a commissioner into a higher pay bracket.
The Australian Securities and Investments Commission (ASIC) is a corporate watchdog responsible for regulating financial markets and protecting investors in Australia. It ensures that companies and financial services operate fairly and transparently.
The controversy stems from the lack of clarity in the remuneration report, which would likely be rejected if it were part of a prospectus. Additionally, there is concern over the high pay of commissioners, particularly in comparison to other public servants.
In the 2012-13 financial year, ASIC commissioners were paid a total of $2.96 million, which was an increase from $2.18 million the previous year.
Betezy has been sold, with UK giant Ladbrokes rumored to be the buyer. However, there is speculation that it may have been sold to a private investor. The new owner faces challenges in restoring punter confidence due to past adverse findings and customer dissatisfaction.
Controversy arose because the payment details lacked clarity, and it was revealed that a one-off superannuation payment moved a commissioner into a higher pay bracket, raising questions about transparency.
Betezy's reputation has been negatively impacted by four adverse findings from the territory's Racing Commission since 2011, as well as punter dissatisfaction with onerous conditions on bonus bets and the cancellation of the Tipezy contest.
Betezy, a troubled bookmaker, was sold, with UK giant Ladbrokes rumored to be the buyer. The company faced challenges due to adverse findings by the Racing Commission and dissatisfaction among punters.
Pacific Brands' manchester division, Sheridan, had planned a Christmas party at Melbourne's Maritime Museum, but head office intervention led to a more modest office-based event instead.
Matt Tripp is the former head of Sportsbet and was rumored to be involved in the deal between Ladbrokes and Betezy. However, his non-compete agreement with Sportsbet doesn't expire until next March, making his involvement unlikely.
Pacific Brands recently held a 'cultural business transformation breakthrough working session' for 320 senior managers at the Melbourne Cricket Ground (MCG).
Pacific Brands' manchester division, Sheridan, initially planned a Christmas party at Melbourne's Maritime Museum, but due to budget constraints, the event was scaled back to an office gathering.
The website was back online after a recent outage, but there has been no new content since August 28, and the hotline remains unanswered, suggesting a lack of recent activity.
Pacific Brands organized a 'cultural business transformation breakthrough working session' for 320 senior managers at the MCG, indicating a focus on internal development and transformation.
There are rumors that former Sportsbet head Matt Tripp is involved in the Betezy sale, although his non-compete agreement with Sportsbet does not expire until next March.
Geoffrey Edelsten's 'Australia's Worst Journalist' website was back online after a recent outage, but there hasn't been any new content since August 28, and the hotline remains unanswered.
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