You may have read in today’s paper that: “Manulife CEO to get $12.5-million in 2009” or that
“Manulife CEO awarded more than $25M”
That prompted the following question I received from Robert Milmine, who asked:
“Where does one sign up for a job that will pay me $12.5 million for losing $1.9 billion and have that called extraordinary performance?
To which I responded:
The Chair of Manulife’s Board explained this occurred because Dominic’s so called performance bonus was locked in stone before the performance period in question had even elapsed. Their hands were tied, so to speak. Doesn’t that kind of contradict the concept of performance-based? Better fits the definition of “freebie”, “gift”, or perhaps even “ransom” to me?
Not to worry, they only care about this kind of corporate abuse in the US with the bonuses that were paid to AIG executives.
Friday, March 27, 2009
Posted by Fillibluster at 9:33 AM