Asciano shareholders sizzle at boss bonus after US$926.4 million loss

THE Asciano Group registered a first quarter 2010-11 net loss before tax of A$948.9 million (US$926.4 million) on the back of a 1.3 per cent slide in container lifts compared with the same period last year.

Unhappy shareholders delivered a "stinging rebuke" to the company over a A$900,000 bonus to be paid to the chief executive, reported the Sydney Morning Herald, with more than 40 per cent voting to reject the remuneration package, the highest `No vote `Asciano has had in three years, beating 2008`s 32 per cent and last year`s 10 per cent.


Speaking at the company`s annual meeting in Melbourne, CEO Mark Rowsthorn admitted results were "mixed" but cited strong growth from base customers being offset by the loss of a key customer.


"We expect volumes for the second quarter (of 2010/11) to reflect the normal seasonal uplift," said Mr Rowsthorn, according to Lloyd`s List.


Investors also expressed anger at the meeting because the company, spun out of Toll in 2007, had not paid a dividend while paying Mr Rowsthorn A$3.8 million last year.


Not happy, Australian Shareholders Association spokesman Robert O`Brien told the meeting: "Shareholders have got nothing in the way of dividends and they see the CEO getting more than $300,000 a month. In future, let`s try and balance it out more."