Excessive retirement pensions executives

[caesar]

TORONTO - Brian Tobin stands to collect a $1.2 million US "retiring allowance" following his abrupt departure after less than seven months on the job as MI Development's chief executive.

These types of excessive payout to the top brass for short term employment are very unfair when these companies don't pay the regular employees because they can't afford it; need to stay competitive or whatever.

1.2 million pension for 7 months work; ridiculous. We see these inflated retirement payouts every day including government contract CEOs that are ridiculous when they are at the same time asking the regular employees to take cuts or no increase in wages to keep up with inflation.

[Conservative1]

I agree that is ridiculous. Another glaring example of excessive payout would be to Archibald McLean in 1999 then CEO of maple leaf foods. He recieved $3 471 866 in pay, stock options, and dividends....despite the fact he shut down a meat packing plant in Edmonton because the workers refused to accept a wage rollback... what a nice guy!

[RB]

welcome to capitalism - you are allowed to pursue riches

I mean big executives of big businesses or those who are charged with important jobs also take the burden of majority of risk so why can't they negotiate pay-off.

Usually the employment contract contains besides scope of duties, confidentiality and 9 other clauses, detailed writing of compensation, termination, and modification. A good contract should anyway.

Look executives and companies know what they are getting into and getting out of

These types of excessive payout to the top brass for short term employment are very unfair when these companies don't pay the regular employees because they can't afford it; need to stay competitive or whatever.

Also employers have obligations and employees have rights. I can suggest that if a person was lured from his place of employment and it does not work out that the law protect employees there is a case called cognos v. queen.

Just a synopsis the company was required to pay a terminated employee for the years of service he accumulated at another company besides other payoffs.

It is always better to settle these huge pay-off and be contented only one person got rich in the process otherwise you facilitate lawyers also getting rich.

I mean how much jealousy can one people handle.

[waynej625]

That is just like Robert Milton crying poor mouth to his employees during the bankruptcy, telling them they need to take major cuts in wages and benefits in order to make the company viable. It was he and his team that put the company in the financial mess it found itself in, because of poor financial planning, and yet the Board saw fit to keep him around, and even paid him and his inept team bonuses. Heere we are right after the employees have given away the farm and Robert suddenly finds major money, to hire Celine Dion to do some amateur ads. Her financial compensation must have been very substantial since Robert refused to reveal the amount. He would only say that whatever he paid it was worth it. Obviously his employees and their families were worth nothing to him.

Nobody is worth the kind of money either our corporate executives, nor our athletes are being paid, especially when as someone else put it, employees being expected to work without so much as cost of living increases.