ANZ CEO out of touch on inequality

Media release: FIRST Union
Thursday 5 April, 2012

ANZ CEO out of touch on inequality

The bank workers’ union says the public are absolutely right to challenge massive salaries for bank CEOs.

ANZ CEO Phil Chronican said in a speech in Melbourne yesterday that he was mystified that Australians question the remuneration of corporate leaders.

“Most Australians and New Zealanders know that it is the disparity of income between these corporate leaders and their workers that is the problem,” FIRST Union Finance Secretary Andrew Casidy said.

“Mr Chronican earned (NZD) $2.8 million in 2011 while the average income for a frontline staff member in ANZ New Zealand would be lucky to be $55,000 per annum.”

“In New Zealand, past Westpac CEO George Frazis’ income topped a ratio in the region of 100:1 recently.”

“Mr Chronican seems to have forgotten that many of today’s social concerns are a direct result of to the burgeoning income gap between the rich and the poor.”

“It is galling for a corporate the size of ANZ say to its workers they can’t have more than a 2.75% pay rise this year – worth perhaps $30 per week to a frontline worker, when a 2.75% pay rise for Mr Chronican would be $1,480 per week, enough for a whole family to live on.”

“Banks are making profits in the billions. It’s time the rock stars of banking checked out the real world their staff and customers have to live in. It looks a lot different down here Mr Chronican,” Andrew Casidy said.

ENDS

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