Thanks for the links.
I see the CEO took a paycut of 7.5% as
Chairman Fergus McArdle said that given the challenging climate, it would be "inappropriate and undesirable" to effect pay increases. He said the managing director (Gabriel D'Arcy) had agreed to take a voluntary pay cut of 7.5pc and similar reductions had also been accepted by the board.
This allows cap exp as i mentioned earlier as "The group capital spend last year was €30.5m compared with €24.4m the previous year."
and i note, "Like other state-owned companies, Bord na Mona has a major deficit on its pension funds. Mr D'Arcy said the company is holding discussions with the employees on the future of these funds and that it is hoped to eliminate the deficit -- about €45m -- within the next 10 years. This will involve adjustments to both contributions and to benefits to scheme members."
As per Maslows triangle there is a segment for everyone in society, the trouble is / was, there were too many people who wanted be in the top tiers. I am afraid to say there is going to be a massive re adjustment, where the bottom couple of segments will be our targets.
I never once mention bankers and developers, I have been as shafted as the next man (negitive equity, insurance products pensions and endowments in decline) but what can be done about it? The banks own land and buildings that are worth about half (or more ) what they lent out. Balance sheets are shod.
Why did this happen is down to human fraility, as per the book and obvioulsy a lack of regulation and tbh i'm not into post mortims on this one. What can be done about it? Nowt in reality.
On your point about the unions, i personally would never Join one.
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