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Ms Abildgaard alleges in her statement of claim that Mr Michel-Verdier is in line for a long-term bonus of up to £20 million.The allegation of the bonus arrangement for Mr Michel-Verdier comes at a time when the union-backed After the investigation, it is alleged his short-term bonus was eventually reduced to a maximum of 57.5 per cent of his potential bonus.
Another senior source at a large fund said the case showed the "attitude and aggression" of some parts of the industry super sector."It's not a good look. You can't sell that. That's why we hate long-term incentives," another senior industry fund source said. ACSI has railed against excessive CEO remuneration in several forums including in its annual report on CEO pay where it has described large payments in spite of conduct issues "tone deaf".Opposition Leader Bill Shorten - a one-time director of AustralianSuper - has also hit out against "fat cat bonuses". He did not respond to questions on IFM's alleged pay packets this week.
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