The Australian Council of Trade Unions (ACTU) has criticized BHP Billiton for awarding its CEO a $5 million raise even while it cuts thousands of jobs.
BHP Billiton CEO Marius Kloppers has been granted a 51% pay rise to $10.4 million, the ACTU said.
At the same time, the company slashed 1800 jobs with the closure of Western Australia’s Ravensthorpe nickel mine alone.
The ACTU called for the government to set a cap on executive salaries, and to rein in excessive golden handshake payments for underperforming executives.
“With more than 420,000 Australians having lost their jobs or had their hours cut over the past year, Australian workers are frankly sickened by this continued corporate excess,” ACTU President Sharan Burrow said.
“Over-the-top executive payouts fed a business model that focused on short-term profits and greed at the expense of long-term viability and job security. It is essential that this excessive executive remuneration is wound back.”
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