We now vote against the remuneration report for every company AGM. As long as all the executive pay scales quote the need for “keeping up with the Jones’” for maintaining their astronomical pay and bonus rates, there can never be sanity. Our top politicians, public servants, academics, scientists, doctors – all the people who really make the important decisions – are paid far less than the CEOs of our big companies. If we all voted against these inflated and self-regulated pay scales we might make some difference. Nobody needs an income of more than one million dollars per year. Let's all do it!
Next week sees the 2012 AGMs of ANZ, Westpac and NAB. I have to conclude that it is time for a wake-up call to their boards with ‘first strike’ warnings from shareholders.