What a joke, it's exactly this type of compensation that has casued this financial markets meltdown. My favourite bit is when the managing director John Mulcahy says it wasn't his fault for a 50% reduction in earnings but it was "external factors". Why the hell are bonuses being paid for if external factors determine earnings? I bet Mr Mulcahy is claiming credit when earnings go up, even if solely due to external factors.
EXECUTIVES at share-battered Suncorp had some bonuses crimped this year but still pocketed millions of dollars in cash and shares.
Topping the pay scales in the annual report out yesterday was Suncorp managing director John Mulcahy at $6.2 million (including shares given an accounting value of almost $2.8 million).
Brisbane-based Suncorp shares have fallen along with other financial stocks in the credit crunch. But specific concerns surrounding Suncorp include weakening profits (down 48 per cent to $556 million last financial year) and use of insurance reserves.