FBU - Fletcher Building

[BlackPeter]

How on earth can they justify a $5m income for anyone,when they seem to roll from one crisis to the next,and one loss making project to the next.I suppose they can sell off more of the crown jewels but having sold the roofing business and formica whats left?

No worries - the government just working to add lots of infrastructure projects to the "economic response package". While a focus on spending now money for infrastructure projects is sensible ... I am a bit worried that the company which managed the Christchurch rebuild incredibly inept will be again first pig at the trough.

[OutToLunch]

Surely this is the wrong way around. The execs could comfortably get by on a 70% pay cut given the size of their salaries, while the workers take the 15% cut (which no doubt would still hurt with mortgage repayments, day-to-day living costs, etc). 15% off for the fat cats and a whopping 70% off for the poor old workers? What a slap in the face!

[value_investor]

Surely this is the wrong way around. The execs could comfortably get by on a 70% pay cut given the size of their salaries, while the workers take the 15% cut (which no doubt would still hurt with mortgage repayments, day-to-day living costs, etc). 15% off for the fat cats and a whopping 70% off for the poor old workers? What a slap in the face!

Unfortunately, the day to day workers don't make the decision but I'm sure the execs do or at least have a say. It says a lot of the leadership of a company and historically been very poorly run. I'd say if a exec is getting a base pay of $5m the incentive program if way out of what it should be. Even Tim Cook the CEO of Apple only have a base salary of $3m and the rest is tied to the performance of the business.

Disc: Not a holder. If you couldn't make money in the longest and potentially greatest bull market in history then you ain't making money in a recovery any time soon.

[Baa_Baa]

Surely this is the wrong way around. The execs could comfortably get by on a 70% pay cut given the size of their salaries, while the workers take the 15% cut (which no doubt would still hurt with mortgage repayments, day-to-day living costs, etc). 15% off for the fat cats and a whopping 70% off for the poor old workers? What a slap in the face!

The workers offer, including office staff is 80% average after special leave this week, until end April. After that nothing is certain. Union is going nuclear. Good on them.

Fletchers have a strong negotiating position, despite reservations here they’re the biggest employer and crucial to kick starting the recovery in construction.

[Sideshow Bob]

Taken from the Kathmandu thread, but also mentions FBU....dunno if Wesfarmers are that brave/stupid.

https://www.smh.com.au/business/companies/qantas-could-be-taken-over-by-cashed-up-wesfarmers-macquarie-says-20200402-p54gcb.html

[OutToLunch]

So Fletchers senior execs have agreed to raise their haircut to 30%.

Can they please justify why they don't stump up and match the 70% pay cut they are expecting their (much lower-paid) staff to take?

[Baa_Baa]

So Fletchers senior execs have agreed to raise their haircut to 30%.

Can they please justify why they don't stump up and match the 70% pay cut they are expecting their (much lower-paid) staff to take?

What is your source of the staff pay cut 70%?

[Balance]

What is your source of the staff pay cut 70%?

https://www.stuff.co.nz/business/120...ve-ross-taylor

"I am writing to you because of my partner's slumped shoulders, because of the way he held his head in his hands when he got the official company communication announcing the 70 per cent pay cut for Fletchers staff over the next 12 weeks amid the current Covid-19 crisis."

[blackcap]

https://www.stuff.co.nz/business/120...ve-ross-taylor

"I am writing to you because of my partner's slumped shoulders, because of the way he held his head in his hands when he got the official company communication announcing the 70 per cent pay cut for Fletchers staff over the next 12 weeks amid the current Covid-19 crisis."

Ah so a media beat up. 70% sounds a bit fishy, you would have to be on over $100k for a 70% paycut to even be legal within the minimum wage framework. Minimum wage is $37,000 per annum or thereabouts so this story just does not add up.

[Baa_Baa]

https://www.stuff.co.nz/business/120...ve-ross-taylor

"I am writing to you because of my partner's slumped shoulders, because of the way he held his head in his hands when he got the official company communication announcing the 70 per cent pay cut for Fletchers staff over the next 12 weeks amid the current Covid-19 crisis."

You believe it? A Fletchers company that I am aware of have, during lockdown, a one week special leave on full pay, then until current lockdown period ends, decreasing pay each week progressively to 50% in week four. In total an average of 80% pay per week for the lockdown period. After that no one knows.