Remember Patrick Coene, the ex-CEO of Picanol NV, who was paid roughly €25mln in three years on the job, which is about a quarter of Picanol's listed stock value?
Well, PriceWaterhouseCoopers finished their audit of the company and it seems that old Coene just took his cue from the owners of Picanol, the family Steverlynck, which he already knew from his college days at the Vlerick School.
Here is what De Tijd, the Belgian business newspaper reported on the audit which ran from 2001 to mid-2004 (11/03).
Annual wages (all gross amounts)
Patrick Steverlynck:620.000€
Michel Steverlynck: 322.000€
Yves Steverlynck: 174.000€
On top of this fixed payment they receive 3099€ per meeting of the Board of Directors plus a bonus dependent on Picanol's results.
Now comes the really disgusting part, the personal expenses of the family paid for by
Picanol: a whopping total of 1,227 million € (yes that's 1.2bln€) including 220.000€ for hunting trips (that's a lot of duckshooting!). Patrick also receives €300.000 per year for the 'accueil' of customers in his mansion. (Note: he pays Picanol a ridiculously low rent of €327 per month for the stately mansion)
€150.000/year for the house of the elderly Emmanuel Steverlynck (who lives in another house in Switzerland by the way).
Last week the new CEO Van Nevel announced that workers would receive a one time gross amount of €250 + two extra holidays to compensate for all the hassle surrounding the company and the PwC audit. Wow, thanks very much. That didn't make me puke yet, but the reaction of the labour unions at Picanol caused me to regurgitate my lunch stante pede.
The spokesmen of the so-called socialist ABVV and the christiandemocratic ACV both hoped that the newsstories surrounding the Steverlyncks would not cause their departure because they are necessary for keeping jobs. Unbelievable!!!!!
Who will foot the bill for this fraud? (which in all likelihood will not be punished as harshly as the social fraud hated so badly by Rik Daems )
1. the employees (who are worried about their job and who haven't seen any decent pay hikes in ages).
2. the shareholders (although I only feel sympathy for the smalltime investor)
3. last but not least the taxpaying citizens.(Picanol can deduct the €1.2bln from their profits and they don't have to pay VAT (=BTW) on those amounts).
Ofcourse the mainstream media wants you to believe that Picanol is an anomaly (just like Enron, WorldCom, Parmalat etc). All the other family-owned companies are squeeky clean!!
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1 comment:
You didn´t say anything about the incredible increase in the company value when Coene was he president and ceo.
I think you have to study remmunerations packages outside your country (like usa), and after that, give a better oppinion.
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