Don’t feel sorry for JS Jacques

Don’t feel sorry for JS Jacques
Australia has responded to Jean-Sebastien Jacques’ infamous entreaty to “fit in or f— off”, by requiring him to do the latter.This should have come as no surprise to Rio Tinto's chairman Simon Thompson. He must breathe through his ears because he certainly doesn't use them for listening.If he’d listened, he’d know that Jacques presided over…

Australia has replied to Jean-Sebastien Jacquesdepraved entreaty to “fit in or f— off”, by requiring him to attain the latter.

This will must own diagram as no shock to Rio Tinto's chairman Simon Thompson. He must breathe thru his ears which implies that of he with out a doubt doesn't insist them for listening.

If he’d listened, he’d know that Jacques presided over a tradition of anxiety at the miner. The particular talent used to be purged to rid the self-discipline of leadership opponents. It is miles by Jacques’ careful own that Rio Tinto’s board has no interior successor to flip to.

Thompson will must own listened when it used to be pointed out that Jacques had fabulously over-promoted his closest interior confidante, Simone Niven. A aged interior communications manager, she used to be handed a seat on the team govt, a $3.2 million wage and custody of Rio Tinto’s international recognition and its relationships with Aboriginal worn owners. This is the save the rot started and the save, predictably, it ended.

Thompson will must own read Rio Tinto’s submission to the Parliamentary inquiry into the Juukan Gorge incident, which said that Indigenous household members “will not be any longer about anthropologists working spherical a self-discipline”. But, asked by the committee about the Indigenous household members journey of Niven and her recount document Brad Haynes, the company conceded neither has any.

Rio Tinto’s anthropologists – who’d earned it the steady recognition for social performance and cultural heritage in the international mining enterprise – own been purged too. Taking Jacques’ cue, Niven couldn’t own just-minded people working spherical her modern Company Members of the family empire.

Australia has replied to Jean-Sebastien Jacquesdepraved entreaty to “fit in or f— off”, by requiring him to attain the latter.

View Also:  ASX set for flat open; tech slides further

This will must own diagram as no shock to Rio Tinto's chairman Simon Thompson. He must breathe thru his ears which implies that of he with out a doubt doesn't insist them for listening.

If he’d listened, he’d know that Jacques presided over a tradition of anxiety at the miner. The particular talent used to be purged to rid the self-discipline of leadership opponents. It is miles by Jacques’ careful own that Rio Tinto’s board has no interior successor to flip to.

Thompson will must own listened when it used to be pointed out that Jacques had fabulously over-promoted his closest interior confidante, Simone Niven. A aged interior communications manager, she used to be handed a seat on the team govt, a $3.2 million wage and custody of Rio Tinto’s international recognition and its relationships with Aboriginal worn owners. This is the save the rot started and the save, predictably, it ended.

Thompson will must own read Rio Tinto’s submission to the Parliamentary inquiry into the Juukan Gorge incident, which said that Indigenous household members “will not be any longer about anthropologists working spherical a self-discipline”. But, asked by the committee about the Indigenous household members journey of Niven and her recount document Brad Haynes, the company conceded neither has any.

Rio Tinto’s anthropologists – who’d earned it the steady recognition for social performance and cultural heritage in the international mining enterprise – own been purged too. Taking Jacques’ cue, Niven couldn’t own just-minded people working spherical her modern Company Members of the family empire.

However most of all, Thompson will must own listened to his shareholders. “I even own spoken to about 50 of our investors about this incident”, he claimed on August 24, “[and] I remark there is deal of toughen for JS, Chris [Salisbury] and Simone”. Again, he might maybe maybe well own spoken to them, nonetheless he wasn’t listening. Within the following 24 hours, a string of Australia’s very top asset managers – AustralianSuper, UniSuper, HESTA – decried the inadequacy of the board’s initial response.

View Also:  Why I am a Biden conservative

Now, the three executives who Michael L’Estrange – to his abiding dishonour – found own been very top “partly responsible” for the bad destruction of Juukan Gorge are leaving the company.

Don’t feel too sorry for them. Treated as a upright leaver, JS keeps between 50 and 70 per cent of 700,000 performance rights below his Lengthy Time duration Incentive conception. In accordance to Rio’s historical vesting fee and the latest section rate, that is a golden parachute rate between $17.5 million and $25 million. Jacques furthermore will get STI shares rate $6 million and with out reference to when he finally finishes, one more 12 months’ mounted pay of $2.6 million.

Be mindful, Pat Regan left QBE last week with out so worthy because the steam off his chairman’s piss.

Between them, Salisbury and Niven will manufacture off with roughly $14 million.

Simon Thompson’s space as chairman is fully untenable. Three weeks ago, he refused to rating rid of these three executives, as one more docking their pay by $7.9 million. Now he’s inserting off these three executives nonetheless giving them $40 million to trudge away. It is miles improper by every measure and but one more uninteresting insult to the worn owners of Juukan Gorge, the Puutu Kunti Kurrama and Pinikura people.

Subsequent

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
ASX to rise, Trump lashes out at China
Read More

ASX to rise, Trump lashes out at China

Australian shares are poised to open higher, bolstered by gains across Europe.ASX futures were up 42 points or 0.7% to 5966 near 5.40am AEST. The currency was little changed.With US markets closed for the Labor Day break, local investors may take initial direction from European benchmarks which advanced to start their week.Autos led sectoral gains…
Westpac cancels interim dividend, quarterly cash profit $1.3b
Read More

Westpac cancels interim dividend, quarterly cash profit $1.3b

Westpac will not pay its interim dividend, with cash profit for its third-quarter coming in below expectations at $1.32 billion, as the bank lifted bad debt provisions with stress emerging in its mortgage and business loan books.In an update released on Tuesday morning, Westpac said "given the desire to retain a strong balance sheet and…