Saturday 14th of December 2019

out of order .....

from our ABC .....

Trujillo rejects Govt's Telstra board nomination 

Telstra's chief executive Sol Trujillo says the board cannot support the Federal Government's nominee for a director's position because investigations are yet to establish his integrity and independence.


Biggles on the phone

From our esteemed ABC

Directorships out of Trujillo's hands: Costello
Federal Treasurer Peter Costello says it is not up to Telstra's chief executive to determine who is appointed to the company's board.
The Government plans to use its majority share in Telstra to have former government adviser Geoffrey Cousins appointed.
But Sol Trujillo says the company cannot accept the nomination and has urged other shareholders to vote against Mr Cousins.
Mr Costello has told Channel Nine that while he has full confidence in both the Telstra board and Mr Trujillo, the decision to appoint Mr Cousins is in the hands of shareholders.
"This is something that the shareholders will resolve at their annual general meeting," he said.
"Shareholders will vote for their directors. I'm sure that the qualified directors will be elected.
"I'm sure that Mr Cousins is someone who has great commercial experience and I think he will be a great addition to the board."
The tension between Mr Trujillo and the Government over the nomination has prompted some backbenchers to call for the chief executive's sacking.
Liberal backbencher Cameron Thompson says Telstra's management is [|out of line].
Gus: that's our Biggles, one day, telling Trujillo to get st...iffled— the next, flying high in a f-18 at around zillion litres of kero a minute....

Who pays the Telstra man?

From my ABC

Costello questions Trujillo's $9m salary
Treasurer Peter Costello is demanding the Telstra board explain why chief executive Sol Trujillo is being paid nearly $9 million.

Mr Trujillo has infuriated the Government by strongly opposing its appointment of the former government adviser, Geoff Cousins, to the Telstra board.

Mr Costello is demanding that the board explain why Mr Trujillo is being paid $8.7 million this year when the company's share price is falling.

The Treasurer says bonuses are normally paid for meeting certain benchmarks in share value.

He says the company should explain how the bonuses were arrived at and how Mr Trujillo met the criteria.

Telstra's annual general meeting, which will finalise the board's make-up, is in November.

Mr Costello says that is a key date.

"Once the board is fixed, it's up to the board to decide on the executive," he said.

"While they've got confidence in Mr Trujillo, so have I."

Mr Costello's demands have deepened the row between the Federal Government and Telstra.


Gus: I have the feeling that unless Mr Sol Trujillo has kidneys made of steel, his job "with the full confidence of our treasurer" is akin to a bit of greasy paper floating in the strong breeze towards the next drainage inlet... whoof...

crikey .....

Sol's safe as houses Gus.

The rodent can't move on him because he enjoys the support of the Chairman & the rest of the board & besides, the government "signed-off" on his appointment. Even if the government was of a mind to cast the amigos out, it would instantly destroy T3, along with the little that is left of its own credibibility.

And whilst the world's greatest treasurer may be huffin' & puffin' over Sol's obscene pay packet, I'd like to know how come it was approved without the consent of Telstra's largest shareholder .... the government ..... or is this just the latest example of the old "we didn't see, didn't hear, didn't know , no-one told us" caper?

Even though the amigos might be cleaning-up, we shouldn't forget that the genesis of Telstra's current woes was the ill-conceived privatisation strategy executed by the current government .... a strategy which forced billions of dollars to be spent on infrastructure duplication & still resulted in awstralya having to put up with third world communications standards, whilst the crippled wreckage was foisted-off on an unsuspecting public & Sol inherited a permanent "get out of goal free card", in the form of the government's competition regulations.

And, of course, uncle pete continues to do what he always does best: live in a glass house & throw stones. Only yesterday the great number  cruncher donned his bushit flight playsuit & took a joy flight in an FA18 at an estimated cost of $100,000, so he's the last person in johnnee's government who should be picking on Sol.

And little Kim, who can no longer fit into the cockpit of an FA18, still can't lay a glove on any of them.

Crikey !!!

Yes John....

Sol's back is made of steel... He needs it...

F18 Biggles bungles?

From the ABC

Telstra defends Trujillo salary package
Telstra has defended the $9 million salary package paid to its chief executive Sol Trujillo.

Federal Treasurer Peter Costello has demanded the company's board explain the millions of dollars in incentives and bonuses paid to Mr Trujillo despite a sliding share price.

A spokesman for Telstra says the package has been reported five times since Mr Trujillo's appointment and has been more widely disclosed and scrutinised than any other chief executive's salary.

Opposition corporate governance spokeswoman Penny Wong says the Government should have been paying attention.

"What is clear from Telstra's statement is that the Howard Government has known about the arrangements which allow Sol Trujillo to get such an exorbitant pay packet and they've done nothing about it," she said.

"So either Peter Costello is not paying attention or he is a hypocrite."

A fishy story

From our ABC

PM rejects Telstra's arguments against board appointment
Prime Minister John Howard has rejected the Telstra chief executive's argument against the appointment of Geoff Cousins to the telco's board.

The Federal Government has nominated Mr Cousins but Sol Trujillo says there is not enough time before the November annual general meeting to check his credentials.

Mr Howard disagrees.

"This idea that it hasn't had time to carry out due diligence is not a very powerful argument," he said.

"There's plenty of time to carry out due diligence, I think Mr Cousins has made that point."

Mr Cousins says the board has not contacted him to ask questions or request references, but he has called them to say he is available to do so.

The Government, as the majority shareholder, may install Mr Cousins despite Telstra's objections.

Telstra's chief executive officer Sol Trujillo says that could be damaging to the $8 billion share float.
Gus: Our little grocer, also our fish-Tailstra-shop self claimed-"owner" (he's not, but claims it's his to sell), objects to objections about the lack of lemon to check the crayfishdentials of his appointed fishmonger... Meanwhile, according to the "overpaid" (if we listen to a certain Mr F18-Biggles) fish-Tailstra-shop manager (the high-speed fishing reel is on ice, due to the ACCC decision to let others use the lines for too low a price of fish), the salmon slices could become more bruised, starting to really smell (the previous slices rotted like frozen-bait in the midday sun) ... and loose value (Australian values with that, sir?)... Well, I think it's a fishy story if you want my opinion...