For the 12 months to June 30, Fairfax posted a net loss of $2.723 billion, 599.1 per cent wider than last year's result.
Fairfax Media Ltd says early revenues in fiscal 2013 are tracking 10 per cent below last year, after significantly widening its annual net loss.
Mr Hywood volunteered to give up half the $840,000 bonus previously approved by the Fairfax board.
Full article here
I find that interesting. Loss after loss...but still the chief executive doesn't want to give up his entire bonus.
On the other hand, BHP boss doesn't want to be even considered for bonus even though BHP made a solid profit outperforming all it's peers.
I remember Woolworths executives taking a pay cut some time back even though it made good profits just not high enough to their liking.
A lot of people say how do you evaluate management? It's behaviour like this that should be noted when determining whether management is working for shareholders or themselves.
Cheers,
Oracle.