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OF GRAVE DIGGERS AND BANKROBBERS!
I could not help but take notice of the today's article on the CEO of Carribean Airlines said to be getting a salary of about $655,000 per month, although the government refused to confirm this, or the request to provide the information in the house, on the basis that it is confidential to the parties involved, and it would also affect the "competitive nature of the job between airlines."
Ken Valley obviously does not seem to understand that Carribean Airlines is funded by the government and as such the taxpayers of the country. In this regard, the taxpayers have every right to know what the senior executives are being paid, as the taxpayers who are footing the bill. Ken Valley should also be aware that Crown Agencies which are part of the government, should also publicise the salaries and remuneration of their senior executives. This is neither confidential nor does it affects competition. Where did he ever get this idea?
One can readily find out the salary of the President of United States of America, The Vice President also, the Prime Minister of Canada, The premier of Ontario, the Presidents and VP's of the Major Banks and Fortune 500 companies, where did Ken Valley ever think that this is priviledged information? Just because he and the government want to hide it from the taxpaying public?
Ken Vallety shoud read up on the current litigation in Chicago on Hollinger International, and the conviction of Conrad Black, for pocketing the shareholders monies into his own, the Bre-Ex and Enron lawsuits in the U.S and Martha Stewart insider information which landed her in jail.
Mr.Valley, when CEO's are at the helm of companies either publicly funded or shareholder funded, they have a duty and obligation to their shareholders - and their salaries and remunerations are no "hidden secret", so why is your government so secretive about the questions asked in parliament about these three individuals?
My late father always reminded me that you cannot take a "grave digger" and make him a "banker". I never did understand what he meant at that time, many years ago, but now I can see clearly, that managing money is as foreign to this regime as understanding the principles of finance or accounting.
It is really sad that the people of the country will be the victims of stupidity, pilferage and mismanagement of the country's wealth, all because of sheer stupidity on the part of the regime. But then that's not new, Manning has said that on several occasions, lack of skilled managers has railroaded the people of the country into something less than third world, some vision for 2020!
$655,000 per month for Carribbean Airlines?, while pensioners have to live on $2,000. per month, police on about $5,000.00 per month, teachers on about the same, but then thats what you get when you make grave diggers into bankers, they become bankrobbers?
No wonder why the country broke and bankrupt, but they don't know it yet! Hope the people wake up soon!
Good luck and godbless! Trini.t.o.o.
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The salary for the CEO is comparable to what may be paid in a first world nation. I'm not sure it is fair to compare the wage to that of pensioners and the police.
CEO's have a certain short life span. It isn't a job for life. If companies in T&T cannot find the right expertise locally they will have to pay first world wages to attract the right quality to build their organisations and move forward. Once the 'building' is reasonable complete high paid CEO's may move on to be replaced by lower paid local CEO's if they find them. In other words the high paid CEO at the moment may only be part of a 'scaffolding strategy' - once the structure is up the scaffold is removed.
So in business terms the high salary may be an appropriate cost-effective move as part of a long term strategy for growth.
As I do not know the facts I provide the above speculative argument - so as to keep an open mind on this. I'm not defending any organisation.
Captain Walker,
Even though I see your point about the salary being comparable to a first world nation, I have to disagree with your reasoning about the salary being 'an appropriate cost-effective move as part of a long term strategy for growth.'
I have two problems with the salary being that high.
One is that no matter how the Government tries to justify that sum, the true question is whether the same sum would be paid to a CEO of Trinidadian or Caribbean origin. Given that the cost of living in the Caribbean is considerably lower than say in London, I think not. Therefore, the salary is unjustified. Else then the salary of everyone would have to be scaled to that found in any first world nation. If the CEO is not willing to accept a 'Caribbean' salary, take a walk bud.
The second issue I have is the secrecy with which the Government seeks to shroud the true salary of this person. No matter what, I always figure when you try to hide something, it means you have something to hide.
It is no secret though that the actions of this present regime is one of dictatorial autocracy.
Jumbie, you will see that I declared that my statements were speculative because I do not have access to the facts - but we can debate it on that basis.
"..the true question is whether the same sum would be paid to a CEO of Trinidadian or Caribbean origin". That is a legitimate question. I would argue that the sum probably could not be paid to a person of the origins you speak of, for the simple reason that I posited i.e. a person of suitable calibre for the company's purposes could not be found in the Caribbean. I can't imagine a reasonable company/organisation opting to dish out that kind of money simply because of nepotism - or some other ism. A reasonable company/organisation will have to look carefully at a balance sheet and make a reasonable projection based on expenditure and projected returns etc etc. I'm not able to debate the reasonableness of the actual company/organisation - I'm only speaking here from an objective point of view. So in essence the decision to pay so much could have been logically driven by non-availability of a 'local' CEO of the required calibre for the company's purposes, for lesser cost.
"Given that the cost of living in the Caribbean is considerably lower than say in London, I think not." Cost of living on it's own is a minor issue for overseas persons say from the UK coming to work in T&T because the conversion is roughly 12:1 at this point in time. The main costs to the imported CEO is the financial losses relative to a projected career back in the homeland. Surely if you was in such a CEO's shoes you will not find the prospect of living and working in lovely crime ridden T&T for low cost of living - whilst loosing millions for doing so - an inviting idea. So that is why an organisation that opts to import labour from overseas will need to pay overseas rates.
"If the CEO is not willing to accept a 'Caribbean' salary, take a walk bud." And many will not even have taken a sniff unless they saw a package that would protect their interests back on home soil - assuming an appropriate recruitment or 'head-hunting' process.
"The second issue I have is the secrecy with which the Government seeks to shroud the true salary of this person. No matter what, I always figure when you try to hide something, it means you have something to hide." The Government or a company may be bound by legal terms and conditions not to divulge certain details. Those matters are of a private nature and probably not subject to 'public and administrative' legal scrutiny. It may not simply mean that 'you have something to hide' but that 'you are bound by proper legal terms and conditions to hide it'. That is the nature of life and business. Individuals have some rights to privacy - except in a place called Trickidad.
"It is no secret though that the actions of this present regime is one of dictatorial autocracy." I agree with that because there is separate evidence to support such a view.
There is some validity to Captain Walker's argument.
My concern is, "Are we getting what we paid for and, is Davies worth that kind of money?" Based on what I have been seeing, I am not sure he is worth the money.
He might be a good manager, but I don't see any creativity or exceptional vision in him that warrants $655.000TT a month, that is 50.000 BRITISH POUNDS per month, 600.000 annually.
Let me point out that Willie Walsh, CEO of British Airways earned 700.000 BRITISH POUNDS in 2006 and he was not paid bonuses as the airline failed to hit it's operating profit margin target of 8%. CAL can in no way be compared to the massive BA, hence there is no justification for Davies exorbitant salary to manage a few aircrafts. Do we need Davies for such a small airline like CAL?
Davies was quick to point out that CAL has a 90% on time performance {OTP}, however, I have not heard him saying anything about CAL's financial condition. Is he making the airline a profit to justify his salary or is the airline loosing money? Why is this point being kept a secret, like his salary.
Maybe Davies has a confidentiality clause in his contract, but CAL belongs to the People of Trinidad & Tobago and they have the right to know this information! This is the suspicious part! Why is this important information hidden from the public? Why haven't any officials including Davies talked publicly about CAL's financial turnover and profit or loss?
Also, did Trinidad make enough effort to find a competent local or regional person for the job, I don't think they did. I think Trinidad sometimes underestimate local potential, or choose based on political affiliations.
There exist among some government officials the parochial thinking that only foreigners are competent. Trinidad should make a much greater effort in exploring it's talent and human resources, both locally and internationally!
If Trinidad thinks only these foreign Ceo's can manage our affairs and no locals are capable of managing a few aircrafts, then let the British colonialist return, give up our independence!
Finally, when taxpayers money is being spent like this, while some mothers in Trinidad can't afford milk for their childen, we have every right to question every detail and no one should be upset by that. This is what democracy is all about. The government is accountable to the people and must respect the people's right to information!
Thanks to the comments by both Captain Walker and Jumbie, points well taken. Much appreciated.
The problems here are several fold, I'll try to explain:
Firstly, is not whether the $655,000 per month is comparable to first world countries payscales, but whether Brent Davies actually deserve such a paycheck?
This is the same man who negotiated away,"frittered away" $20 Million U.S (approx.$120 Million TT) to an advertising agency in the U.K for "BWEE Branding"(June 2006), which folded six months later,(Dec.2006) and now gets paid $655,000 a month for only God knows how long, as his reward for doing so? Great Job, right? He must have known the closure was coming, if not, why was he the CEO to begin with?
Secondly, its the "Government's Secrecy" with respect to these types of appointments and remuneration packages. If this kind of information is not readily debated and available in "Parliament", (in the people's domain) where is it being debated and who is it available to? This is not a "National Security" issue.
Thirdly, is it "Performance Related, and has specific and targeted Goals & Objectives to accomplish with set timeframes", and is it based on "Salary and Bonuses" or just plain salary and open ended to eternity, just keep on sucking up the losses? Is there a real expectation of "profits" and when? What are the terms and conditions? What are the consequences of non-performance and what are the "expectations"?
No private sector company gives a CEO a "blank cheque" or a "Platinum Credit Card with "no limit". None!
Shareholders hold them fully accountable and they are "grilled" over the coals for non-performance or fired and/or sued in the courts for mismanagent and/or dissappearance of funds!
This is not rocket science, given the history of the non-performance, which "private sector" company would continue to sustain these kind of wasteful expenditure and losses and keep the CEO in their employ? I can assure you none! His tenure would be conditional to his performance. Period!
Lastly, the rationale for comparison to Policemen salary, Pensioners, Teachers etc, is that think of what or how much better off the people of the country can be if some of these monies were allocated and managed better and put to more productive uses for the benefit of the taxpaying citzens, instead of "shipping" it out of the country to the benefit of one or a few individuals, who have no interest in the well being of the country and its people as a whole.
Better lifestyles for seniors, better education for kids, less crime, and a happier and healthier people?
We will continue to "think" that we don't have local people who can manage and run an airline or a business and that's how they would like us to think, act and behave, always dependant on someone else! Well, think again!
I guess it must be a real challenge to "blow away" $120 million dollars, it must be really hard, thats why the government is willing to pay him so handsomely to do it, as local business people just don't have the where with all to do so? Well, we can if we want to, "without breaking a sweat"!
Any "losses" that amounts to "less" than we had from BWEE and now CAL, will be a "gain" for the taxpaying public. Any average local person cannot do worse.
It is outrageous to continue to pay "offshore" non performers that siphon our limited resources, while our own people suffer at the hands of a government that remains silent and "secretive" in its dealings as though its "their money" to do with as they please, "no questions asked"!
It seems like lack of -"Transparency and Accountability" is becoming the norm and way of life, and trickles from the President's office right down to Parliament and downwards to the people on the street. No one is answerable to no one!
What a Democracy, What a "free for all"!
Goodluck and Godbless! Trini.t.o.o.
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While we are on the same subject, Newsday July 29, 2007 has a picture of a "BWIA plane" in its original colours reportedly flying out of France to (9) nine other European destinations.
Whats the "deal" here Mr.Davies? and does Mr.Ken Valley who so stoutly was defending the enquiry into Mr.Davies remuneration, how much do you know about this also? Why does the public, who are shareholders of defunct BEEWEE kept in the dark?
This man not only should not be paid but should be made to answer for the "loss" of $20 million U.S for the branding, and then charged fired and made accountable for the shareholder's monies, including "jail time" if found gulity of abuse and mismanagement of public funds, not "rewarded" by exorbitant salaries, hidden and kept in the dark.
If he feels that he is worth that much, let us see him apply for a job of similar nature in U.K or U.S.A, what a joke? He'll get kicked out of office, as no investor likes to throw their money away, except for Trinidad and Tobago. Thats why he won't search anywhere else.
It is scandalous that our government suports this wasteful display of taxpayers monies, and refuse to provide any explanations.
What a shame! What a waste! What a sick joke on the people!
Good Luck and Godbless. trini.t.o.o.
Well, Since Mr.Davies can't sell tickets on Caribbean Airlines I guess he might as well rent the planes out to his friends over in Europe. They can make some money on it and maybe there's a commission in it for Davies, we would never know.
If the public is always kept in the dark and only by chance we get this kind of information, we can only assume there is a lot of wrongdoing and corruption going on at CAL and the upper echelon. Is this why we bring down the foreign ceo's? I am not at all against the foreign ceo's, I am just against the incompetence and corruption we are getting.
How long do you think it will be before CAL takes a nose dive and Davies is back in Europe laughing at us with his and his friends pockets full of Trinidadian taxpayers money?