Today’s societal ethical issues in the workplace are becoming an increasingly significant topic surrounding corporate CEOs. While surfing the web, I came across an interesting article concerning unethical business issues surrounding CEO George Frazis. The article was written by Tamsyn Parker and titled, ”Banker's $5.5m package 'unethical' .” I truly enjoyed reading this article since she brings out the issue that more people should be talking about … How much is too much?
What do you think? Please share your opinions.
As stated in the intriguing article about this CEO compensation package, “Westpac boss, George Frazis, New Zealand's highest ever paid executive with a yearly package worth $5.59 million - a figure a bank workers' union have branded unethical (Parker). ” Today, CEOs are being paid at all time highs when the common worker is having trouble finding a job in the current depressed economic environment.
Furthermore, employees who currently hold a job are not seeing salary increases and quite frequently, workers are forced in accepting salary cuts. Therefore, what is the justification for CEOs receiving these outrageous compensation packages when the worker is losing ground with little or no pay increase and increasing rate of price inflation. Finsec, bank workers' union, expressed great disapproval of the excessive CEO compensation package going as far as calling it unethical due to current economic circumstances. Finsec spokesperson Andrew Campbell stated, “It was galling to see the bank give such an extravagant package to its boss while being underwritten by the taxpayer (Parker). ”
I strongly believe that this unmerited compensation package is an extraordinary amount of money for Westpac CEO and I urge him to reconsider it and give back a significant percentage of the money one way or another. If the CEO decided to donate some money to a charitable cause, he could alleviate some of the hostile feelings and then fulfill his social responsibility as CEO.
What do you think? Please share your opinions.
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--Adam Kalkirtz
I think that it a good story to bring up. I also feel like executives are being grossly over-payed because the amount of work they do may be quite a bit being an executive, but millions and tens of millions of dollars are excessive to me. They do have a lot of responsibility to lead the company and manage them through any changes they may be facing but think of how the company could spend the extra millions if the CEO was paid a few hundred thousand dollars. Those profits could be paid back to the shareholders high in a lot of companies are their own workers. Or like you said making charitable contributions every year would be a good way to help distribute all that extra money that the executive was paid.
ReplyDelete-Greg Pawlowski
I agree that the CEO's salary is ridiculous! As a leader he should see the unfairness in this amount and how it is affecting his shareholders and coworkers. I feel that the board of directors for companies like these should have a set limit for how much money CEOs can make, especially during difficult economic times.
ReplyDeletePosted By: Christine Burklin