TAHE’s five-strong board, chaired by Bruce Morgan, approved a severance package last June and voted a month later to sweeten the deal with a generous bonus scheme.
At the time, TAHE was upset when it was revealed that he was throwing $1 million a year into it. swish new office In Sydney’s CBD instead of staying in a rent-free space in a building they own near Central Station.
Last year, amid the crisis engulfing TAHE, the government decided not to approve layoffs and bonus schemes. A spokeswoman for Matt Keane, Treasurer, said, “The Treasurer has neither sought nor approved any changes to the CEO’s salary structure.”
The board has approved a recommendation for Morgan and two other directors to extend their contracts by up to three years in 2022, according to other documents. It means that Morgan, who was a division, will remain on the board until June 2025.
A government spokesperson said it is government policy to “appoint members of the board so that it can function properly.” “TAHE’s appointment took place 12 months ago,” a spokesperson said.
The State Enterprise was set up in 2015 to shift billions of dollars in NSW rail costs out of the state budget and into the entity.
Shadow treasurer Daniel Mookey said the board needed to explain why they wanted to hand out the gold parachute to Top Brass.
“Hospital cleaners are not entitled to a severance package as generous as the TAHE board was ready to offer executives,” he said.
A TAHE spokesperson said proposals to change the chief executive’s terms of employment and dismissal arrangements were not being pursued.
“TAHE senior management is compensated in line with industry and state-owned enterprise benchmarks. No bonuses, incentives or non-salary items are paid to TAHE senior management,” said a spokeswoman. said.
Colin became the third CEO in a year for the state-owned company, joining in September 2021.
Later that year, the company paid a PR firm $275,000 to The “reframe” strategy Its tattered public image.
PR firm SEC Newgate listed a set of management goals, including two “proactive” media articles, four LinkedIn posts each month, and hosting two “significant” project-related events. It advised Colin to “complete two keynote addresses, opinion pieces and/or exclusive media interviews” in 2022.
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https://www.smh.com.au/national/nsw/rail-board-approved-lavish-executive-payout-fearing-labor-election-win-20230305-p5cpgz.html?ref=rss&utm_medium=rss&utm_source=rss_national_nsw Fearing Workers’ Victory, Railroad Commission Approves Payment for Laxation of Extravagant Executives