Big pay pack­ets, ethics irk Aussies

Townsville Bulletin - - NEWS -

AUS­TRALIANS have a poor view of the eth­i­cal stan­dards of large cor­po­ra­tions and their top man­age­ments, par­tic­u­larly in the bank­ing and fi­nance sec­tor, an an­nual sur­vey by the Gov­er­nance In­sti­tute of Aus­tralia has found.

Ex­ec­u­tive pay con­tin­ues to be a top is­sue for most Aus­tralians, with re­spon­dents also flag­ging cor­rup­tion, tax avoid- ance and mis­lead­ing or de­cep­tive ad­ver­tis­ing by com­pa­nies as other ma­jor grouses.

More than three- quar­ters of re­spon­dents counted CEO pay of $ 3 mil­lion – about 50 times the av­er­age an­nual in­come in Aus­tralia – as un­eth­i­cal. Even a $ 660,000 CEO pay packet was con­sid­ered un­eth­i­cal by more than half the 1000- plus sur­vey par­tic­i­pants.

Ex­ec­u­tive salaries and bonuses were con­sid­ered the top is­sues of eth­i­cal im­por­tance for the bank­ing and fi­nance sec­tor, rat­ing even higher than top­i­cal mat­ters such as the treat­ment of cus­tomers and in­suf­fi­cient reg­u­la­tion.

The sur­vey found sec­tors such as health­care, educ­tion and char­i­ties had the high­est eth­i­cal scores.

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