Get the appNextDC chief executive Craig Scroggie has agreed to give up annual bonuses worth up to $7.5 million. The data centre operator's board directors will also take a 10 per cent voluntary fee cut, and a proposed pay rise has been withdrawn. The move follows a delay to expansion of its M3 data centre in West Footscray, which led to earnings guidance being slashed by $140 million. Shares fell last week, wiping $3 billion off market value.
BHP executives faced shareholders at the company's annual general meeting in Sydney on Thursday. Shareholders asked whether the two recent mine deaths led to executive pay cuts. Chairman Ross McEwan said BHP operates the joint-venture mines where the deaths occurred and takes full responsibility, and that a review of contractor arrangements is under way. Chief executive Brandon Craig said BHP has appointed a liaison to support the families of the two dead workers. He said that he believes mining can be fatality free.
Shareholders at Bendigo and Adelaide Bank passed the remuneration report at the annual general meeting, with 84.8 per cent in support. The bank faces an AUSTRAC investigation into its money laundering obligations, after a Deloitte review found serious shortcomings following suspicious activity at one branch. APRA has required an extra $50 million in operational risk capital, and the rectification plan is expected to cost $70 million over three years. Chief executive Richard Fennell said he was ultimately accountable and that fixing the issues was his number one priority.
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Get the appA Telstra shareholder, Peter Starr, criticised chairman Craig Dunn at the company's annual general meeting in Sydney for not speaking to the media during the July network outage. Starr said chief financial officer Michael Ackland looked like a fish out of water. Dunn said Ackland had done a fine job while chief executive Vicki Brady was overseas. Dunn and Brady said Telstra accepted the findings of an external investigation and was acting on them. The outage blocked about 600 triple-0 calls in July.
Telstra chairman Craig Dunn has warned that complex regulation could discourage investment. He singled out calls for mandatory mobile roaming, which would let customers use rival networks outside their own provider's coverage. Dunn told a shareholders meeting in Sydney that the measure would not build new towers and could slow further spending. The Australian Competition and Consumer Commission is running a 12-month inquiry into the issue. Telstra's chief executive, Vicki Brady, also accepted an external review's findings on a July nationwide outage, and the board cut executive pay in response.
Telstra chairman Craig Dunn has warned that complex regulation could discourage investment. He singled out calls for mandatory mobile roaming, which would let customers use rival networks outside their own provider's coverage. Dunn told a shareholders meeting in Sydney that the measure would not build new towers and could slow further spending. The Australian Competition and Consumer Commission is running a 12-month inquiry into the issue. Telstra's chief executive, Vicki Brady, also accepted an external review's findings on a July nationwide outage, and the board cut executive pay in response.