Wesfarmers Ltd has put a freeze on executive salaries and cut bonuses as the economy continues to slow.
Executive salaries have been a hot topic in recent months, with big companies sacking hundreds of staff as a result of the global financial crisis, but continuing to top up their own salaries.
Taking a step in the right direction, Wesfarmers Chief Executive Richard Goyder said in a letter addressed to company employees, that the decision to freeze salaries for the group’s “most senior executive managers” is a “responsible one, given the current economic climate.”
Goyder said that the Wesfarmers group continues to “travel relatively well given the economic conditions, with solid performances across a number of our divisions.”
People who read this, also liked:
Macquarie Bank’s chief 99 percent pay cut
Swan urges banking executives to take pay cut