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Autumn 2003

ACTU Calls for Legislation to Rein in Corporate Excesses

The ACTU has called on the Howard Government to bring company directors’ and chief executives’ salaries into line with shareholder and community expectations, at a hearing of the Senate Economics Committee Inquiry in Canberra.

"At the moment, there are no rules at the top end of town. The excessive pay rises and pay outs just keep coming," said ACTU President Sharan Burrow.

"The Howard Government has been standing idly by as the corporate greed of its business friends continues to flourish.

Meanwhile it does everything it can to deny low paid workers a decent wage increase," Ms Burrow said. When the Minimum Wage Case begins later this month, the government will argue against the ACTU's modest claim of $24.60 a week for 1.7 million workers.

Meanwhile average annual remuneration, excluding retirement benefits, for Australia's top 1OO CEOs increased by 38% to $2 million, 44 times average weekly earnings.