James Hardie Directors Want Fees Doubled -- MesoLink.org -- 08-23-06

News that James Hardie directors want their fees doubled at a time when the asbestos compensation situation faced by the company remains unresolved has outraged federal treasurer Peter Costello. Mr Costello stated that the government had even changed the tax laws so that the compensation payouts would be tax deductible.

"We've got James Hardie, which is increasing directors' fees, which is paying its executives bonuses, when what it should be doing is it should be settling compensation for the victims," Mr Costello said. “James Hardie, even though it tried to get out of this country, even though it tried to leave the victims in the lurch, is now getting the same tax treatments as the companies that did the right thing - BHP and CSR.”

He also added: "James Hardie apparently now has enough money to double its directors' fees and pay bonuses to its executives. It's about to settle up the issues with the tax office and to give the victims justice."

The proposed increases will be put to a vote for shareholders next month, and if approved both the chairwoman and the directors will be looking at doubling what they already receive.