Strike hard strike first9/2/2023 I don’t even care what happened in the Jaden Smith one or the Hilary Swank one (which still maintains a successful run on the USA network at 4 a.m.). The Karate Kid series was taken out back and beaten to death with a shovel by Karate Kid III. Now, even after discovering it wasn’t some talk show host being cute, I hesitated to watch it. Upon further investigation I discovered it is in fact genuine. Some Jimmy Fallon sketch that was floating around. “These sort of things are a personal choice, in my view.”Ĭorporate support for the Voice has been split, with some companies keeping quiet on the issue while others such as BHP donated $2 million to the Yes campaign.When I saw that there was a trailer for a new installment of Karate Kid starring Ralph Macchio and Billy Zabka I figured it was a joke. Even our shareholders, speaking on behalf of them, I wouldn’t feel comfortable. “I think it would be the height of arrogance of me as a chairman to get up here and speak on behalf of … 19,000 employees and lots of different foreign jurisdictions who have very different views to Australian values. “It’s not in the company’s best interests – not in shareholders’ best interests – for us to become social commentators. “We just stay totally apolitical,” he said. In response to a question about whether the company would support the Yes vote, Mr Phillips responded ALS was a “global company and we operate in a lot of different cultures”. That meant they could be targets for rivals who knew what they were paid, he argued. He said the two executives were “really good” employees who were “bitterly disappointed” on missing out on the chief executive position. We don’t know what our competitors get paid. “ know exactly what our top employees get paid. He said Australian regulations required detailed remuneration about executives that other rivals overseas, such as private equity-owned businesses, did not have to publish. Mr Phillips said he “understands shareholder concerns and will work hard over the next year to engage earlier with stakeholders”.īut he argued the retention bonus – worth about $US1 million ($1.48 million) over two years – was “cheap insurance” against them being poached by rivals. “Why is there a need to pay them a retention bonus when we have such a wonderful company that these directors have all said, ‘Hey we want to come and work for this company’?” he asked. Investor George Baumber also questioned the payouts. That meant ALS suffered a “first strike” under Australia’s two-strike rule. The retention bonuses were paid to two executives who missed out on the top job, after ALS’ chief executive Raj Naran left suddenly earlier this year to be replaced by Malcolm Deane.ĪLS chairman Bruce Phillips said all other major proxy advisers had been in favour of the remuneration report, yet almost 28 per cent of votes cast were against the pay packages. Institutional Shareholder Services, which provides proxy advice to investors, has recommended shareholders reject the remuneration report partly due to ALS awarding two senior executives retention bonuses which require them only to keep working. ALS shares were down 1.3 per cent to $11.30.ĪLS is one of the world’s major testing and inspection companies, with a focus on commodities and life-sciences.īut, as flagged in The Australian Financial Review, it faced a protest vote on its remuneration policy. The company also predicted underlying earnings for the first six months of this financial year would fall about 5 per cent to between $150 million and $155 million, at ALS’ annual general meeting on Wednesday. The protest vote came as Brisbane-based ALS, which has 19,000 staff globally testing everything from water to gold samples, said it would refrain from taking a stance on the Voice to parliament referendum.ĪLS is one of the world’s major testing companies. ALS has suffered a first strike against its pay practices, despite the chairman saying the laboratory testing giant had been placed in a “ridiculous situation” around remuneration disclosure laws that compelled it to pay nearly $1.5 million in retention bonuses.
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