Monday, August 2, 2010

2009 Snout/Trough Award

No surprises regarding which bank has again strolled off with the prestigious Snout/Trough Award, recognising both excellence and verbosity in the preparation of remuneration reports.  Yes, it’s Macquarie Bank, which again mustered an incredible 60 page remuneration report to dazzle investors.  This year their Directors’ Report totalled 73 pages, so remuneration only made up 82% of what they wanted to say (2008: 90%).

Although it’s a thumping win (the next best was just 30 pages) it’s pleasing to see a couple of the majors starting to get onto the spirit of the thing.  NAB upped their quota from a meagre 19 pages to 28 pages, while ANZ went from 22 to 30 pages.

Unbelievably, CBA have added a mere 1 page to its 2008 remuneration report, and now rightly find themselves in the cellar.

Results for 2009 were as follows:

  Remuneration Report (# pages) Remun. Report as % of Directors’ Report
MBL 60 82
ANZ 30 88
NAB 28 74
WBC 23 62
CBA 21 75

Results for 2008 can be found here.


K22Geo said...

excellent work, thxs

The Weatherman said...

Thanks - and here's an update - CBA cuts remuneration report to a mere 19 pages while simultaneously upping the CEO's pay to $16m - normalised snout/trough theory has been stood on its head!

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