Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox.
Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox.
When embattled Dreamworld operator Ardent Leisure's chief executive - former Women's Weekly editor Deborah Thomas - decided to hand her $167,500 cash bonus to the Australian Red Cross on Thursday evening, it meant she would earn less than half of what her predecessor made last financial year.
The kicker is that former chief executive Greg Shaw did not work a single day of the financial year in question.
Opposition leader Bill Shorten urges Australians to consider those less fortunate this festive season during his Christmas address. Vision courtesy ABC News 24.
Prime Minister Malcolm Turnbull and Opposition leader Bill Shorten have put the arguing and disagreeing to one side and getting into the Christmas spirit.
Chief executive of Dreamworld operators Ardent Leisure, Deborah Thomas speaks to media after a internal ceremony held at the theme park.
Ardent unexpectedly announced Mr Shaw's retirement in March last year. He was replaced by Ms Thomas, and left the company the following month.
The shock announcement proved disastrous for chairman Neil Balnaves, with the sharemarket sending Ardent's stock into a plunge from which it had only recently recovered.
Ardent's former CEO GregShaw's left the company in April last year - but that didn't stop him from making $1.5 million in the year starting three months after. Photo: Harrison Saragossi
According to Ardent's annual report, Mr Shaw received remuneration totalling $1.49 million in the year to June - including cash payments totalling $1.275 million - which isn't bad considering his base salary for the year was almost literally zero.
He received a $400,000 bonus, a $855,000 termination payment for his "retirement" and shares.
Advertisement
This may come back to haunt the company if it is held responsible for any aspect of this week's tragic accident that killed four people, and it is determined that some of these issues relate back to Mr Shaw's tenure.
It will not be an issue for Mr Balnaves, who retired as chairman after Thursday's shareholder meeting as announced earlier this year.
The good news for Ms Thomas is that she managed to get shareholder approval for her incentive package at Thursday's shareholder meeting, which is potentially worth $843,000, despite the Dreamworld tragedy.
There was a sizeable protest vote, with more than 40 per cent of shares voted against the resolution to award her the incentives.
Not that Ms Thomas will actually receive much of this bonus, considering the financial impact the accident is expected to have on Ardent's financial performance.