"As your CEO and chairman, it is my duty to report that it's been a mixed year for your company. On one hand, the financial crisis has led to the largest annual loss in company history, a 50 per cent reduction in our workforce and a 92 per cent decline in our share price. On the other, my bonus cheque cleared."
-Scott Feschuk, "Here for the AGM", Macleans Magazine, Vol 122, No 9 (March 16, 2009)
Okay everybody, start sharpening your knives.
I don't believe that company leaders have gotten a good rap during this financial crisis. Why, simply because things are going bad, are we expecting them to sacrifice their bonuses on the altar of collective prosperity?
No, no: hear me out.
Why don't they deserve their rewards? These men and women are, for the most part, very deserving of the positions they are in. Most of them work harder than you. Most of them are smarter than you. They have sacrificed a lot for the work that they do, and now when they reach the top we're expecting them to forgo the fruits of their labor?
'Sorry Mr. Chairman, I know you've worked 38 years to get that corner office on the 63rd floor. But looks like our share price has taken a dive and you have to give up 40% of your salary. Please sign here.'
I believe strongly that everyone needs to re-address their situations in this financial environment, don't get me wrong. And I think that most executives would gladly scale back remuneration packages for the good of their companies.
But have the Unions? Have their suppliers? Has everyone done all they can to stop the bleeding, without looking at the big cheese.
A Unionized steel employee shows up for 2 3-hour shifts in a week, and gets paid for 5 8-hour shifts. A Unionized autoworker gets topped up unemployment insurance, and enjoys nearly 100% salary for staying at home watching Dr. Phil.
But Mr. CEO: get back into coach where you belong.
I don't buy it.
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