Australia’s giant mining machines falling silent

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The same CEOs Robert "Blame CEOs for a national cost explosion" (Business Spectator, 22 Nov 2012)? The ones who caused Business Council of Australia president Tony Shepherd to call for a greater focus on incentive-based remuneration for chief executives as part of an effort to better align salaries with economic and productivity pressures, as well as with shareholders' interests? (Oiling Australia's mining machine, December 6.)
While CEOs of the top 100 companies listed companies received smaller cash payments in 2011 ($4.725 million) compared to 2010 ($4.991 million). Average bonuses in 2011 fell to $1.255 million from $1.584 million - their lowest level since 2004 - but around 90% of chief executives still received a bonus. Once the actual value of vested shares and options exercised by executives during the year was taken into account, the average value of reported pay was little changed. A redesign of the trough.
Job evaluation (similar to work value) should be used to assess the value of executive work, being a systematic assessment based on the work content of the job plus the knowledge, skills, experience, training, qualifications and interpersonal skills required. It wouldn't necessarily increase all workers' pay, but it would slash those of the typical boss.
I have been reading Robert's articles regarding mining industry productivity with interest (Australia’s giant mining machines falling silent, December 6). As a wages employee within the industry I largely agree with his sentiments.
Another problem we now face because of poor management practices over the last 5 years or so is we have a "generation" of management & workers that have entered the industry during this period that believe this is the normal way to operate.
As one manager told me regarding multiple rehandling of product when coking coal was $300+/tonne: "When you are being paid an obscene amount of money for a tonne of coal you can do that."
We now have management who don’t know how to run mines efficiently panicking & making more (but different) poor decisions which affect safety & efficiency.
Robert, we all want to make a squillion for doing nothing (Australia’s giant mining machines falling silent, December 6).
CEOs, on occasions are like Marius Kloppers, but rarely!. Because a CEO requires no formal qualifications, like an astro physicist, neurosurgeon or boilermaker, they are just a board appointment.
Why, do we need CEOs (for a Start), would it not be better, to go back to the past when we had levels of mangement, responsible for specific tasks. Lets face it, how many shareholders like CEOs?
CEOs are in charge of the money. That in my view is just absurd. Shareholders should be in charge of the money. Shareholders can be pretty hard core negotiators, when it comes to spending, their cash.
Hire managers for specific areas and give shareholders control of the money!
Another example of the incompetence of our overpaid CEOs and of how the so called market economy does not work (Australia’s giant mining machines falling silent, December 6). Mining and oil & gas companies pay their employeees far too much. When a project starts they need a bunch of staff and workers so of course they poach them from the competition by offering them more so rates are pushed even higher. With all the projects that have been happening in WA and Qld especially there should have been far more coordination and workforce planning among developer companies to avoid this pressure. Its not just commodity prices that create boom/bust cycles; its also incompetent planning and labour management by the companies.
As a individual that has gained nothing from the mining boom apart from skyrocketing prices on everything because of it, this is nothing but good news (Australia’s giant mining machines falling silent, December ). Keep it going and bring things back to earth.
Its the mining industry. There is waste and rework everywhere (Australia’s giant mining machines falling silent, December 6).
The comfort that is afforded to most of the mining industry can not be said for low margin, high turn over businesses where true efficiency counts.
I wonder if it is possible to get some of minning accord along the lines of the Labor Union Accord of the late 80s early 90s? (Australia’s giant mining machines falling silent, December 6).
Might be a bight hard to ask restrain from the workers when C level pay rises seem to come along at the 50% mark, along with moving goal posts should it become a tad difficult to actually meet the bonus hurdles.
Maybe the minning companies need to come up with a profit share to all staff that encourages them to become more productive rather than fighting over the size of the slice of the pie. We've got to try and make the pie bigger to all benefit.
I disagree that it is the CEOs at fault; Where has the political leadership gone? Blind freddy could see the train wreck coming, yet the unions were allowed to thrive and dictate terms (Australia’s giant mining machines falling silent, December 6).
Training was waaay behind the curve, again another political blunder.
This country is going to the dogs and we have noone on the political horizon willing to change course.
All we have is Wayne treasurer of the century with his smug self satisfied rantings telling us all is ok. And the vast majority want to believe it.
How can any business survive in the face of the labor government and their support and funding base the unions (Australia’s giant mining machines falling silent, December 6). The lunatics in the government and the power crazy unaccountable union bosses have destroyed australian business and work competitiveness.Hasn't any one realised over the last decade what has been going on in the labor market? or what the crazies in the government have done to the australian workforce?
Well done Robert; not often that an article produces comments from several differently selected standpoints, all of which I agree with. The common factors are greed and incompetence (Australia’s giant mining machines falling silent, December 6).
They should not have lost control. Too much herd-like mentality (Australia’s giant mining machines falling silent, December 6).
I agree with others like William Jones and Neil Holmes, but after 40+ years in mining [attracted by the 1960s 'boom'], my concern is why we don't learn from the booms? (Australia’s giant mining machines falling silent, December 6.)
Don Gilbert blames too much herd-like mentality but that begs the question. Why do so many investors stay with herds? Also herds follow shepherds. Who are ours and will they admit to repeating the errors of past booms?