But Directors workload probably hasn’t increased that much even though the business is bigger ...hmmm
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I know they have been looking extremely hard at all the complexities involved with expanding into Australia so I would have thought their workload has indeed increased and yet the pay rate per director hasn't kept pace with inflation despite underlying profit increasing 260% since 2015...hmmmm.
I can't recall a case for directors fees increasing by a reasonably modest amount that has more merit in it to be quite honest about it.
They got extra payments (in addition to standard fees) for looking into Australia (and the bond issue)
Ryman Directors got a pay rise last year. Even after this Summerset Directors will be paid a bit less than the Ryman ones but not by much.
I voted against ...knowing it only a protest vote anyway
I went back and had a look at Directors fees as a percentage of underlying profit for the last 4 years and here's how the stat's look.
2015 $515K / $37.8m = 1.36%
2016 $488K / $56.5m = 0.86%
2017 $599K / $81.7m = 0.73%
2018 $627K / $98.6m = 0.64%
I think those numbers speak for themselves.
Looking forward to the meeting tomorrow and of course also meeting some of you afterwards
You have given us a very good and clear explanation of a neoliberal position in relation to wages. But I think you have stated a position which is on the extreme end of the continuum.
It does not acknowledge the difficulties that come with Capitalism in its extreme and unregulated form. Capitalism is a very good system for creating wealth - the best yet by miles. But it is less successful in ensuring distribution of that wealth. Unless it is restrained and regulated by the power of the state, capitalism inevitably produces marked and growing inequality - to everyone's detriment.
I thought I was just describing basic supply and demand economics
Wealth should not be distributed . It should be earnt. That is the motivator and the oil that makes a successful world go round smoothly.
The inequality only comes from the difference between those who work to get what they want and those who sit back waiting for someone else to hand them what they want.
Taking peoples hard earned wealth becomes detrimental. It encourages them to use alternative wealth management tools or stops people from striving to be the very best they can be - no point in that if someone else reaps the rewards for the risk and hard labour.
There was a great article in last Fridays Herald...." Capitalists versus Capitalism" taken from the Financial Times written by Andrew Edgecliffe-Johnson.... on this subject. It appears that some USA Business leaders are concerned about the divisions that Capitalism is creating. Can't find a link in the Herald...sorry.
Well worth a read if you can track it down. I can see it in the Financial Times... April 22. If anyone can access it from there.
https://www.ft.com/andrew-edgecliffe-johnson
Short quote of Ray Dalio….Bridgewater Associates.
"I'm a capitalist and even I think capitalism is broken.....capitalism is at a juncture. Americans could reform it together, " or we will do it in conflict.""
If anyone is really interested...PM me an I'll make it into a PDF that I can email.
Cheers
RTM
fascinating theme ... but probably better discussed on a relevant thread ;);