Dave Wheeler for HBR The idea of incentivizing CEOs and senior executives seems reasonable to most people. Yet the large executive bonus is a relatively recent phenomenon. Executive pay grew more slowly than the average worker’s income during the 50s, 60s and part of the 70s. It was in the 1980s that the ratio of CEO to average-worker pay grew dramatically. It “exploded” in the 1990s. The astronomical rates of CEO fixed pay and bonuses that we are so familiar with today are only about 20 years old. Some researchers have argued that they’re a failed experiment. At the organizational level, they can decrease morale and fuel cynicism, especially if CEO pay climbs while average wages stall or grow more slowly, as they have in countries like the U.S., UK, and Australia. Growing inequality has contributed to the decline in several social phenomena, including mental health, and has been cited as a threat to democracy itself. Is it now time to redesign the experiment? If so, how? One approach can be seen playing out in Australia. On July 1, 2011, the Australian Government amended the Corporations Act introducing the “two-strikes” rule. It works like this: If 25% or more of shareholders vote “no” in approving a company’s remuneration report at two consecutive annual general meetings, then the second meeting will determine if all directors need to stand for re-election. If this occurs then all directors (except the managing director) must stand for re-election within 90 days. This has given shareholders muscle and has changed the corporate environment around CEO bonuses. Further, it has provided boards with a rationale to act and the courage to do so. And is it working? Yes, so far. The country has witnessed numerous first strikes with boards quickly backtracking to save their skin. Among the crowd are some of the nation’s largest companies – CSL, Woodside Petroleum, AGL Energy, Boral, and Goodman Group. The mere threat of a first strike has had boards treading carefully. It’s clear that boards are starting to get the message from the national government, shareholders, the public, and the media that excessive executive packages are unacceptable. More than that, smart businesses are stepping forward to proactively embrace the changing culture. One business which typifies the change is Wesfarmers. The company is Australia’s eighth largest by market capitalization and an opinion leader in business circles. Highly diversified across food retailing, hardware, office supplies, department stores and industrial products, its current CEO, Richard Goyder, is stepping down to be replaced by an internal appointee, Rob Scott. Scott will earn up to $4 million less than his predecessor agreeing to a $1 million cut to fixed pay and a $3 million cut to bonuses. This shift is clearly coming from societal pressure. As Wesfarmers chairman, Michael Chaney, told the Australian Financial Review (AFR) “We recognize changes in the market that have seen downward pressure on fixed pay levels for CEOs and reductions in overall reward opportunities…[We] believe that this package and those of other senior executives in the Group are appropriate and in line with contemporary market practice of peers.” And the pressure continues. The current Australian Government, importantly from a different party to that which introduced the “two strikes” legislation, has gone in hard on Australia’s “big four” banks. In its May 2017 Budget, the government proposed a bank tax, like that in the U.K., and has clamped down on CEO pay. The banks, which enjoy a government-guaranteed status and owe much to the government for their security and profitability, have come up short in responding to a variety of customer issues. With the full backing of the public, the government announced a clampdown on how bonuses are paid and greater scrutiny of bank executives. Even the Prime Minister, Malcolm Turnbull, has waded into the issue. He was quoted in the AFR calling it “almost a cult of excessive executive CEO remuneration.” It’s also important to note that the mood in Australia is not exactly “anti-wealth.” No one is arguing that CEOs and entrepreneurs don’t deserve to be highly paid – provided they pay their fair share of taxes. These individuals have often taken huge risks, and very few succeed. Moreover, their wealth is often derived from the ownership of shares in the enterprise they founded. If someone wants to literally bet their house on the success of their business and ends up a billionaire, then most Australians would say good luck to them. The public’s concern is with professional managers who have risked little, but who think they have a right to earn Bill Gates money. That sentiment seems to be rising in other countries, too. Regulators and policy-makers in those countries can look to the Australian model for one example of how CEO pay might be reined in without heavy-handed regulation, and smart boards can get out ahead of the curve to satisfy shareholders, improve internal morale, and win the trust of the public.
Cooper Energy Ltd., Adelaide, has signed a binding heads of agreement (HOA) with AGL Energy Ltd., Sydney, regarding supply of natural gas from Sole field and nearby Manta field in Bass Strait offshore eastern Victoria.
Anyone looking for evidence that solar power is more than just a passing fad need only look at Australia’s newest solar plants. Recently, the country saw two new solar plants officially open in the sunny state of New South Wales. The mammoth projects cover nearly 1,000 acres and are owned and operated by AGL Energy. Between them, the two plants will generate roughly 360,000 megawatt hours of electricity - enough power for more than 50,000 homes. Australia is uniquely positioned to capitalize on solar energy and it is entirely possible…
SYDNEY, March 24 (Reuters) - AGL Energy Ltd on Monday took legal steps in hopes of getting the go-ahead to pursue a A$1.5 billion ($1.36 billion)acquisition of power supplier Macquarie Generation after its plans were scuttled by Australian competition regulators despite submitting the highest offer.
Антимонопольные органы Австралии заблокировали сделку второго по величине в стране поставщика электроэнергии AGL Energy относительно приобретения у правительства Нового Южного Уэльса двух электростанций на общую сумму A$1,51 млрд ($1,35 млрд). По мнению регулятора, данная сделка приведет к снижению конкуренции в стране.
Второй по величине в Австралии поставщик электроэнергии AGL Energy заключил соглашение с правительством Нового Южного Уэльса на приобретение двух электростанций за A$1,51 млрд ($1,37 млрд). Стоит отметить, что принятие решения регулятивных органов относительно данной сделки ожидается 4 марта.
Piedmont Natural Gas (PNY +0.7%) says it's made an additional $22.5M cash investment into SouthStar Energy Services, a joint venture with AGL Resources (GAS), to maintain a 15% stake.AGL will contribute unregulated retail natural gas customer accounts and related assets it acquired from Nicor in December, 2011 and the unregulated retail natural gas customer accounts it acquired in a separate transaction in June 2013, both in Illinois.The investments will expand SouthStar's customer base by approximately 108,000 customers. Post your comment!
First Solar ([[FSLR]] -0.2%) is building two Australian solar plants providing a combined 155MW of capacity for local utility AGL Energy. The project has a total cost of $450M, and is receiving $231.6M in government funding.Construction for both projects is expected to start in 2014, with commercial operation commencing in 2015.Separately, First Solar is counting on the Australian government to provide funding for a GE/Verve Energy solar project for which it's supply modules. Government support would allow the project's size to grow as much as 4x to 40MW.First Solar's Q2 results arrive on Aug. 6.
First Solar (FSLR -0.2%) is building two Australian solar plants providing a combined 155MW of capacity for local utility AGL Energy. The project has a total cost of $450M, and is receiving $231.6M in government funding.Construction for both projects is expected to start in 2014, with commercial operation commencing in 2015.Separately, First Solar is counting on the Australian government to provide funding for a GE/Verve Energy solar project for which it's supply modules. Government support would allow the project's size to grow as much as 4x to 40MW.First Solar's Q2 results arrive on Aug. 6. Post your comment!
Спайдер снижается перед открытием торгов на NYSE. Европейские индексы изменяются разнонаправленно. SPY (внутридневной график) снижение на премаркете. Сопротивление: 169.10 Поддержка: 168.25 Премаркет NYSE/NASDAQ: Gapping up: • In reaction to strong earnings/guidance: QCOR +17.1%, BEAT +14.3%, MAKO +11%, SODA +8.5%, CEMP +8%, (light volume), MSPD +7.6%, OIS +7.3%, (announces plan to spin-off accommodations business into separate publicly traded company ), GDOT +6.9%, BUD +6.8%, SIMG +6.6%, ISIL +6.5%, ALR +6.3%, EXAM +5.9%, (light volume), SNCR +5.9%, SYMC +4.7%, CNH +4.3%, CMCSA +3.9%, PRAA +3.6%, MA +3.3%, GRMN +3.1%, HBI +2.8%, LOPE +2.8%, (light volume), FTNT +2.6%, EXTR +2.5%, INVN +2.5%, HES +2.5%, TTWO +2.4%, DEO +2.3%, REGI +2.3%, MX +2.2%, AMT +2.2%, ADT +2.2%, TASR +2.2%, MTGE +2.1%, POWI +2%, (light volume), VNDA +1.8%, WNC +1.6%, (light volume), HUM +1.5%, AGCO +1.1%,. • M&A news: TSRX +16.2% (Trius Therapeutics to be acquired by Cubist Pharmaceuticals (CBST) for $13.50 per share or ~$707 mln), CBST +5.3% (acquiring OPTR and TSRX). • Other news: VICL +6.7% (cont strength), APD +4.6% (Bill Ackman's Pershing Square takes 9.8% stake in APD costing $2.2 bln — CNBC), HNSN +3.3% (Enters Into Agreement With Investors to Receive up to $93 Million in Equity Financing), FSLR +1.5% ( to deliver 155MW of solar power for AGL Energy), CTAS +0.6% ( approves an additional share repurchase program under which the co may repurchase up to $500 mln of Cintas common stock at market prices). • Analyst comments: ALU +2% (upgraded to Buy from Neutral at Nomura). Gapping down: • In reaction to disappointing earnings/guidance: JIVE -15.6%, RVBD -15.3%, IRG -12.2%, (light volume), BGFV -10.1%, HDSN -8.9%, NANO -8%, (light volume), ACCO -6.1%, FICO -5.2%, GNW -4.9%, FARO -4.5%, (light volume), ATRO -3.6%, BWLD -2.9%, CBI -2.7%, (light volume), QGEN -2.5%, AMGN -2%, AXS -1.6%, (light volume), HERO -1.3%, TRMB -1.1%. • M&A news: OPTR -6.5% (Optimer Pharma to be acquired by Cubist Pharma or $10.75 per share in cash and Contingent Value Right). • Other news: STNG -5.9% ( announces public offering of 20 mln shares of common stock), BCRX -5.5% (announces proposed public offering of common stock), ETRM -5.2% (enters into $20.0 mln 'at-the-market' equity distribution agreement with Canaccord Genuity), TRS -2.3% (prices sale by Heartland Industrial Associates of 1 mln shares of TriMas' common stock to Deutsche Bank Securities as the sole underwriter in the public offering of those shares at $36.90 per share), CUZ -1.4% (priced its previously-announcedunderwritten public offering of 60 million shares of its common stock at$10.00 per share), IBM -1.1% (10-Q disclosure regarding SEC investigation into how IBM reports cloud revenue), SI -1% (Joe Kaeser, CFO of Siemens AG since 2006, is designated as the new President and CEO of Siemens). • Analyst comments: MOS -2.4% (downgraded to Equal-Weight at Morgan Stanley), IPI -2.4% (downgraded to Underperform from Neutral at BofA/Merrill and to Underweight from Equal Weight at Barclays), POT -1.7% (downgraded to Neutral from Buy at UBS), RRD -1.3% (downgraded to Hold at The Benchmark Company; tgt raised to $20), BCS -1.1% (downgraded to Hold at Societe Generale), SAVE -1.1% (downgraded to Mkt Perform at Raymond James), NTI -0.9% (downgraded to Neutral from Outperform at Macquarie). Отчеты компаний: Сегодня перед открытием: AB ACCO ADT AGCO AGN ALR AMED AMT ATRO AVX BAH BKW BLKB BOKF BXC BZC CETV CEVA CLRO CMCSA CNH CRWN CYNO DLPH DXYN EDGW EGN ENR EXC GAS GOV GRMN GTS H HCBK HERO HES HPY HSON HSP HUM HUN IMN INGR IVZ JNY JRN KVHI LFUS LPLA LVLT MA MAR MDXG MTOR NEO NI OIIM PAG PAR PCG PSX REV RXN SO SODA SPW TASR TFX TRK TSRA TX USAP VG VNDA WEC WEX WFT Вчера после закрытия: AAT ACAS ACHC ACMP ACPW AEGN AFL AJG AMGN ANAD APU ATNI AXS BBOX BBRG BEAT BFS BGFV BOOM BRE BTUI BWLD BXMT BXP CACC CALX CAP CARB CBI CBR CCG CEMP CENX CERS CHMT CLD COHR CSE CVD CVG DAIO DRIV ELGX EPIQ EQR EXAM EXTR FARO FICO FISV FSP FTNT GDOT GNW GOOD GPRE HBI HCC HDSN HF HR HT HURN IACI INVN ISIL ITI JIVE JLL KFRC KIM LARK LLEN LMAT LOPE MAKO MERU MIG MKTO MSPD MTGE MTSI MWA MX NANO NCR NEU NSR NUVA NVMI OEH OIS OKE OKS POL POWI PRAA PRSS PULB QCOR QDEL QNST RBC REGI RNR ROCM ROG RPXC RSYS RVBD SIMG SKT SM SNCR SYMC TFSL TMH TRMB TTEC TTS TTWO UGI ULTI VRSK VRTS WEYS WNC WTS XPO XXIA Интересные новостные акции NYSE и NASDAQ: QCOR – шорт ниже 61.00 CBST – шорт ниже 60.00, выше максимума премаркета смотрим акцию в лонг. MTGE – лонг выше 20.00 INVN – лонг выше 16.00, ниже смотрим акцию в шорт. RVBD – лонг выше 15.00 OPTR – лонг выше 12.50 Оригинал статьи: shark-traders.com/blog/analitika-nyse-na-31-iyulya/
Steve Horn: Congressmen Supporting Fracked Gas Exports Took $11.5 Million From Big Oil, Electric Utilities
On Jan. 25, 110 members of the U.S. House of Representatives -- 94 Republicans and 16 Democrats -- signed a letter urging Energy Secretary Steven Chu to approve expanded exports of liquified natural gas (LNG). It was an overt sign of solidarity with the Obama administration Department of Energy's (DOE) LNG exports study, produced by a corporate consulting firm with long ties to Big Tobacco named NERA Economic Consulting (NERA is short for National Economic Research Associates), co-founded in 1961 by the "Father of Deregulation," Alfred E. Kahn. That study concluded exporting gas obtained from the controversial hydraulic fracturing ("fracking") process -- sent via pipelines to coastal LNG terminals and then onto tankers -- is in the best economic interests of the United States. A DeSmogBlog investigation shows that these 110 signatories accepted $11.5 million in campaign contributions from Big Oil and electric utilities in the run-up to the November 2012 election, according to Center for Responsive Politics data. Big Oil pumped $7.9 million into the signatories' coffers, while the remaining $3.6 million came from the electric utilities industry, two industries whose pocketbooks would widen with the mass exportation of the U.S. shale gas bounty. Further, 108 of the 110 signers represent states in which fracking is occuring. Exhibit A: Human Geography of Campaign Finance Post-Citizens United Energy issues are almost always questions of infrastructure, geography, and geopolitics. So, too, is the case of LNG exports, with this letter serving as Exhibit A of the new human geography of campaign finance in the post-Citizens United world. Texas The expression always seems to ring true: everything is bigger in Texas. This letter is no different, as 19 of the 110 signatories represent congressional districts in The Lone Star State, 12 Republicans and seven Democrats. Texas is home to both the Eagle Ford Shale basin and the Barnett Shale basin, as well as prospective LNG export terminals in Sabine Pass (co-owned by ExxonMobil, ConocoPhillips and Qatar Petroleum), Freeport (partially owned by ConocoPhillips) and Corpus Christi (owned by LNG export giant, Cheniere). The "Texas 19" alone raked in $2.5 million from Big Oil and electric utilities. Rep. Kevin Brady (R-TX8), a recipient of $166,000 from Big Oil and another $23,000 from the electric utilities industry, oversees a congressional district in part based in Houston, the corporate epicenter for the oil and gas industry and home to the innovative leader in the sphere of LNG exports, Cheniere Energy. ExxonMobil and Chesapeake Energy, the number one and two producers of unconventional gas in the U.S., each gave Brady $10,000 before his 2012 electoral victory. Anadarko, Marathon and Valero also followed suit with $10,000 contributions and ConocoPhillips chipped in an extra $7,500. Brady's Texas colleague Joe Barton (R-TX6), whose congressional district in large part overlaps the Barnett Shale basin, took $162,150 from Big Oil and another $124,950 from the electric utilities industry. He received $13,000 from utilities giant Exelon Corporation, $12,500 from ExxonMobil, $10,000 from Koch Industries, $7,000 from Chevron and $5,000 from Chesapeake Energy. Koch Industries' Koch Pipeline runs from the Eagle Ford Shale basin to Corpus Christi. The Dirty, Dirty South Southern politics are dirty -- both literally and figuratively speaking. Look no further than to Rep. Charles Boustany's (R-LA3) campaign coffers -- which took in $240,300 from Big Oil and $44,500 from the electric utilities industry -- for prima facie evidence of this. Boustany raised $10,000 from Chesapeake Energy, $11,000 from GE, $12,000 from AGL Resources and $12,500 from Dore Energy. Dore was the anonymous $1 million donor to Republican Rick Santorum's presidential primary run in early 2012. Boustany's coastal Louisiana congressional district sits in the heart of one of the shale gas industry's prime hubs for LNG exports. Six Lousiana representatives signed off on the letter. Georgia is another key spoke in the wheel of the gas industry's plan to export its U.S. shale gas prize, with the Elba Island LNG export terminal located on the coast of the Peach State in Savannah, Ga. Yesterday, the owner of the LNG terminal, El Paso Pipeline Partners (itself a wholly owned subsidiary of Kinder Morgan, a corporation founded by a former Enron executive, Richard Kinder), signed a joint venture agreement with Shell Oil Company, which now owns 49 percent of the entity as a result of the deal. Three Georgia representatives put their names on the letter. Dancing the Marcellus Swing No exposé of the influence of Big Oil would be complete without looking into the famed Marcellus Shale, a geological basin predominantly located in New York and Pennsylvnia, which also touches parts of Maryland, Ohio, Virginia, and West Virginia. Twenty-nine politicians representing districts in these states signed onto the letter in support of expedited LNG exports. This cadre of 26 Republicans and three Democrats was showered with $2,457,872 in contributions from Big Oil and the electric utilities industry prior to the 2012 election, with $1,319,181 of it coming from the oil and gas industry and the other $1,138,691 of it coming from the electric utilities industry. A case in point is Rep. Tom Reed (R-NY23), whose congressional district is situated in the heart of what could be the future epicenter of fracking in upstate New York. Reed received $109,021 from the oil and gas industry and another $46,741 from the electric utilities industry. On top of $10,500 from Chesapeake Energy, Reed accepted another $10,000 in campaign contributions from National Fuel Gas Corporation, $9,500 from utilities heavyweight Exelon Corporation, and $7,800 from ConocoPhillips. Maryland Rep. Andy Harris (R-MD1) -- who received $10,000 each from ExxonMobil and Koch Industries prior to his 2012 electoral victory -- also signed onto the letter. His congressional district sits on the Atlantic coast in Maryland, where Dominion Resources is planning to export shale gas obtained from the Marcellus Shale at its Lusby, Md., Dominion Cove Point LNG export terminal. The Western Frontier The oil, gas and electric utilities industries' clout can also be seen out west, with 18 congressional members from western states signing onto the letter. Six of them represent California, a state that could soon see a fracking boom in the Monterey Shale basin, which is predicted to "trigger a 21st century 'gold rush,'" according to a recent report by Energy and Environment News. These six California representatives alone accepted $246,242 in campaign contributions from the oil, gas and electric utilities industries during the 2011-12 electoral season. Rep. Cory Gardner (R-CO4) received $192,800 in campaign finance from the oil and gas industry and another $68,500 from the electric utilities industry prior to the 2012 election. $10,000 from each of these corporations entered Gardner's war chest: FirstEnergy, ExxonMobil, Koch Industries, and Chesapeake Energy. In the northwest, co-signer Rep. Greg Walden (R-OR2) received $79,400 from Big Oil and $133,320 from the electric utilities sector, with $12,500 of it coming from Koch Industries, $10,000 of it coming from Valero and another $9,000 from electric utilities company Exelon, all according to OpenSecrets.org. There is a ferocious battle over the future of natural gas pipelines and two LNG export terminals in Oregon: Oregon LNG and Jordan Cove LNG. It's clear from following the money trail and reading this letter which side of the battle Rep. Walden represents. The Wild, Wild Midwest and the Heartland Most political observers think of the Midwest and the Heartland region as the home of big agribusiness, not Big Oil. In the age of the domestic unconventional oil and gas boom, it's now the home of both. Ten representatives from the region signed onto the letter and 21 if Ohio (lumped in earlier with the Marcellus Shale) is included in the fold. When the Heartland region is included, the number jumps up to 31. Four of them represent congressional districts in Michigan and one of them, Rep. Fred Upton (R-MI4), is a family relative of notorious Chesapeake Energy CEO, Aubrey McClendon. Upton's 2012 electoral campaign season was bankrolled to the tune of $210,800 by Big Oil, with an accompanying $279,500 from the electric utilities industry. On top of the $24,600 and $20,000 he obtained from electric utilities giants Entergy and DTE Energy, respectively, OpenSecrets.org shows that $17,500 also flowed his way from Chesapeake Energy, $11,500 from Chevron, and $10,000 each from GE, ExxonMobil, Koch Industries and Marathon Petroleum. No discussion on the corrupting influence of money in politics is complete without mentioning Rep. Mike Pompeo (R-KA4), recipient of an astounding $299,800 from the oil and gas industry and another $47,000 from the electric utilities industry prior to his 2012 electoral victory. $110,000 of that money came from Koch Industries alone, perhaps unsurprising given the fact that Pompeo's congressional district extends into the Wichita, Kan., corporate headquarters of the industrial giant now infamous for its bankrolling of the climate change denial machine. Another $10,000 to Pompeo came from Berkshire Hathaway, Warren Buffett's lucrative holding company that owns Burlington Northern Sante Fe (BNSF), a key freight rail mover of oil, gas, pipe, frac sand, and other extractive industry equipment, while ExxonMobil also gave a generous donation of $8,500. Congress for Sale on LNG Exports It's one thing to say it, quite another to depict it, but the inescapable conclusion is that Congress is for sale on the issue of LNG exports, bought off by Big Oil and the electric utilities industry. They're "representatives," sure. But who do they represent?
Energy services company AGL Resources (GAS) cuts its full-year EPS estimate to $2.60-$2.75 vs. previous guidance of $2.80-$2.95 and $2.67 analyst consensus, saying "unprecedented warm weather" in H1 2012 hurt results. GAS sees Q3 EPS negatively impacted by pre-tax hedge losses of ~$0.08 in its wholesale services segment.
Energy services company AGL Resources (GAS) cuts its full-year EPS estimate to $2.60-$2.75 vs. previous guidance of $2.80-$2.95 and $2.67 analyst consensus, saying "unprecedented warm weather" in H1 2012 hurt results. GAS sees Q3 EPS negatively impacted by pre-tax hedge losses of ~$0.08 in its wholesale services segment. Post your comment!
Крупнейший в Австралии поставщик газа и электроэнергии AGL Energy планирует сделать новое предложение по приобретению ветряной электростанции Hallett 3, расположенной в северной части штата Южная Австралия, с целью использования более мощных ветряных двигателей.