Oh Fudge!
As reported on Friday 9th December in The West Australian, it seems that Downer EDI has been caught out cooking the books!
Investors at the recent Downer AGM raised concerns that executives pay packets did not represent good value for shareholders but Downer EDI Chairman Mark Chellew responded that “Downer had a very robust remuneration framework, we operate in a very competitive market and a substantial part of the packages is based on performance”. Unfortunately, these arrangements do not extend to Downers blue collar workforce – the workers that make their profits (and pay packets) possible.
The ETU are in negotiations with Downer EDI for fairer industry rates for Downer’s NGT Communications Team enterprise agreement, however the company are kicking and screaming that they should not have to pass over a fair share of their profits.
In a recent EA meeting, management explained away the $1.2 million in Performance Bonuses and $3.77 million paid to Downer EDI Managing Director Grant Fenn as well worth it. Well, if Friday’s West Australian report is anything to go by where it was reported that $700 million had been wiped off the value of Downer EDI due to “ACCOUNTING IRREGULARITIES”, I think those payments should be reconsidered and Mr Fenn should forgo his bonuses and pass them on to our members. Members who work tirelessly out in the field creating the profits generated for Downer EDI.
The ETU makes no apologies for seeking Industry standard rates for our ETU members and we will not take a backward step in defending our rights in the fight against inflation that has been created by stagnant wage growth and an increase in corporate profits.
Rory Cumins Commercial, Dry Fire & Lift Organiser