An article about the Telstra AGM at which the chairman stated “We need to transform Telstra into the equivalent of Netflix or Amazon”.
Best of luck with that.
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It would seem to me that the culture at the top of a lot of Australia’s corporations needs to be reviewed and significantly updated.
Telstra is indicative of a more general problem at the senior levels of our big corporations, including the finance industry. In this case, the Chairman & Board, and CEO of Telstra are living in an alternate universe to the rest of us. From the Chairman’s statement, it appears they think they deserve higher reward when the business is performing worse. Working hard, but ineffectively and in the wrong direction does not deserve reward.
The senior executives of large corporations (Board and management) need to be directly accountable for the performance of their organisations.
Perhaps then, they would focus on providing an efficient, effective, and responsive service that
Australians will want to continue using.
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Perhaps a bit of a self serving interview, but having spent some time in senior management there is a bit of a reality check in some of it. A once colleague, not in senior management, put it well when he opined ‘you can do a great job in your part of a failing company so do you get paid for what you do, or do you walk?’
https://au.finance.yahoo.com/news/telstra-apos-chairman-just-admitted-142935802.html
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Amazon and Netflix and Telstra.
Just like Grenache and Syrah and Mourverdre do these three belong together in a holy trinity of market dominance, profitability and foreign ownership. Perhaps the thought is sacrilege and an insult to fine wine? Perhaps it is more apt as Amazon, Netflix and the NBN Co.
Whatever the causes the value of Telstra for so many small shareholders has continued to decline.
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The b/s factor gets to neck deep level with this amazing statement:
“I personally believe that executive salaries are too high across the board, but changing this takes time and needs to be embraced by all of corporate Australia not just one company or one industry, as the marketplace for talent is international and is industry agnostic.”
Which I read as:
“it needs to be done after I retire” …
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I recently noticed a very amusing sign on the side of a Telstra phone booth near our nearest fish and hamburger shop.
“A network faster that seagulls on chips”.
It reminded of when we stayed overnight in Shellharbour in NSW and went to Shellharbour Fish and Chips for dinner.
We sat at a table on the footpath and we noticed a great many seagulls perched on top of the pub on the opposite corner.
The fish and chips were delicious but we could not eat it all so we asked a couple with 2 children sitting at the next table if they would like the box of chips, which they accepted, so there were just a few scraps on our plates.
When we left our table, all hell broke loose as dozens of seagulls descended in a mass brawl over the table, much to our surprise and the shock of the other family.
The seagulls were obviously not roosting on the hotel but waiting to ambush the tables across the street.
