Market power allows CEOs to raise their own salaries, Queensland economists say

Monopoly power has allowed CEOs of large companies to give themselves large pay rises, University of Queensland economists say.The government will consider the 44 recommendations put forward in the Better Competition, Better Prices report.

"There will be a compensation committee, but the CEO has a lot of influence on that so to a significant extent they can set their own pay. In 2022-23, former Coles CEO Steven Cain's total compensation was $10.2 million and new CEO Leah Weckert's was $3.3 million. Professor Menezes said these top-end managers were then able to make their companies even more profitable, increasing their market power even further.

Professor Quiggin said until the late 1970s, productivity growth and wage growth tended to rise together.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

In Queensland’s ‘feeding frenzy’ housing market, renters are paying the priceAs the Labor government moves to ban rent bidding, tenants’ advocates say more is needed to address the housing crisis
Source: GuardianAus - 🏆 1. / 98 Read more »

Cult Queensland beauty store Clean Beauty Market expanding to Sydney’s Bondi Junction7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Source: 7NewsMelbourne - 🏆 18. / 59 Read more »

Global investment: Australia is not competitive, say CEOsThe Business Council of Australia is pushing the treasurer to make Australia more attractive for investment to boost productivity and economic growth.
Source: FinancialReview - 🏆 2. / 90 Read more »