Issue No.14 of 2009
Thursday 25 June

Taking aim at executive remuneration

The FSU is appearing at the Productivity Commission’s Inquiry into Executive Remuneration today. The union’s submission recommends greater disclosure of executive performance pay criteria and pay relativity ratios, an end to short term incentive payments, and the linking of long term incentive payments to corporate social responsibility outcomes.

FSU’s online forum on executive remuneration has generated a number of interesting posts. We’re not surprised about the level of concern and anger about the disparity between the remuneration packages of finance sector workforce and their corporate heads.  Especially when you consider that in the last 8 years, the average salary for a bank teller has increased by 33%, and the average remuneration for CEO’s of the big four banks has increased by 456%!

Thanks to members who have contributed to the forum. It remains open so there is still time to have your say.
 Click here to read what other members have posted

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Enterprise Bargaining: 

ANZ - Formal Negotiations Have Begun

FSU and ANZ have started negotiations for a new Enterprise Agreement. In the negotiations so far, FSU has outlined to the bank the main objectives members want to achieve in a new Enterprise Agreement.  These objectives are consistent with the Claim which has been overwhelmingly endorsed by 99.4% of respondents during an extensive consultation process.
 Click here to read more
Related article: FSU achieves an Invest in Australia campaign goal with the establishment of the ANZ New Career Fund.

CBA – Talks set to resume
FSU and CBA will meet again next week to progress Enterprise Bargaining talks following member consultation over the last month.

Zurich Collective Agreement
The first Zurich Reps tele-conference took place earlier this week in preparation for Collective Agreement negotiations that will commence on the 12th July. Endorsement meetings have started and will continue through to the first week of July. For further information contact your Organiser or local Rep.

CUA Agreement approved but fairness in pay still at issue
60% of voting staff have approved the CUA Enterprise Agreement 2009. The majority of staff supported the Agreement which in the first year will make much needed market adjustments to bring staff more into line with salaries of employees outside CUA. Last year, FSU provided information to members to show that CUA was lagging behind the market and urged CUA to provide increases to fix this.

FSU also argued that the amount of money originally offered by CUA was not enough to bring staff up to minimum rates in the proposed EA and subsequently, CUA increased their pay offer.

 Click here to read more

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FSU in the news 

The FSU is your voice in the workplace, at the bargaining table, in Canberra, and in the national media. Here’s a small selection of your union in the news in the last fortnight:

 Commonwealth throws five-star party after rate hike, wage cut 
Live News, 16th June

 Rudd needs to turn up the heat on banks
ABC Opinion and Analysis Online, 25th June 

 Workers take aim at executive bonuses
The Full Story, 25th June

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Careers @ QBE 

FSU Career Partner visits commence in Melbourne this Friday and in Sydney from the following week. 

By attending one of these visits, FSU members (and potential members) have a great opportunity to find out more about careers in the insurance industry, and what the FSU Careers Centre has to offer, such as résumé writing services, free career advice and job search. For further information about the QBE visits in Melbourne contact Louise Miksza, and in Sydney Chris Neiberding, on 1300 366 378.

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Stock up on movie tickets in time for school holidays 

Keep the kids entertained and save money at the same time!
FSU members have access to discounted movie tickets, valid at cinemas right across the country.  At $9.50 for adult tickets, and $7.50 for kids, your union membership provides you with great value for money. To book your tickets, call 1300 366 378 or click here to download a booking form.

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Frustrated by limited access? 

If your workplace limits access to external websites and you’re having trouble reading the full articles in our fortnightly e-news, please send us your personal email address so you can get all the news without limitation. Drop us a line at with your name, member number and personal email address, so you don’t miss out.

 Authorised by FSU National Secretary Leon Carter                     back to top