October 10th, 2006
A campaign has been launched against James Hardie after the recent announcement that the troubled buildings material manufacturer is to pay its directors huge salary increases, despite the fact that it has yet to pay out victims of asbestos exposure resulting from use of its products. The campaign will fight the company’s decision to raise the salaries that, in some cases, top one hundred and thirty percent.
The proposal for the massive pay rises is to be put to shareholders at the up and coming annual meeting, but a newspaper, the Daily Telegraph, has launched a campaign to try and stop the rises from going ahead. If the rises do go ahead over one million extra dollars will be shared each year between executives at the company.
The salary of the chairwoman alone, Meredith Hellicar, which currently stands at $285,000, is set to rise to nearly $400,000 if the rises are approved. However, last year the chairwoman made a promise that there would be no rises until a compensation trust fund had been set up for the victims of asbestos exposure.
One campaigner had a message for the company, and stated: "You've done nothing to help victims. You haven't brought one new cent to the table - except the wheelbarrows full for yourselves, especially you, Meredith.''
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