Expense abuses rampant at OLG: documents
Expense abuses rampant at OLG: documents
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Quite frankly, I wonder why all the surprise about the conduct and the opulence in this "culture of entitlement"!!
This behaviour is common course and general practice in the board rooms, limos and private jets of the vast majority of corporations. The only appalling aprehension, in this instance, is the realization THIS cash string is tax dollars instead of investors dollars.
I dedicated almost a decade to negotiating contracts with national and multi-nationals and the entitlements were far more excessive and obscene in the private sector corporations than crown corporations, I was dealing with. This culture is one of the executive communities dirty little secrets, that's not so secret anymore.
I recall a story from my associates, about one of the multi-nationals, when we were together berating the paradoxes of cost cutting in the field operations while senior level managers were gallavanting around the continent on the corporate jet, about the CEO dispatching his private jet to Montreal to pick up one executive staying home alone for Christmas and bringing the VP to his residence outside Chicago, to spend the holiday with his family. "What about the pilot's family?" I heard a colleague say.
Another corporate insider "gimmick" to preserve the entitlements, so readily believed to be deserved and "earned" is to slide into a board seat upon retirement, arranged within the circle of executive networks amongst corporate featherbedders.
Investors and fund managers who care how their money is feeding these "entitlements" should look in the small print or the mundane rear volumes in any Corporations AGR and the outrageous, excessive, self satisfying perks will be hinted.. but never listed. The Corporate Boards and their Officers are a tight knit community when it comes to maintaining and sustaining their "entitlements".
Ill be in touch.
Shared via AddThis
Quite frankly, I wonder why all the surprise about the conduct and the opulence in this "culture of entitlement"!!
This behaviour is common course and general practice in the board rooms, limos and private jets of the vast majority of corporations. The only appalling aprehension, in this instance, is the realization THIS cash string is tax dollars instead of investors dollars.
I dedicated almost a decade to negotiating contracts with national and multi-nationals and the entitlements were far more excessive and obscene in the private sector corporations than crown corporations, I was dealing with. This culture is one of the executive communities dirty little secrets, that's not so secret anymore.
I recall a story from my associates, about one of the multi-nationals, when we were together berating the paradoxes of cost cutting in the field operations while senior level managers were gallavanting around the continent on the corporate jet, about the CEO dispatching his private jet to Montreal to pick up one executive staying home alone for Christmas and bringing the VP to his residence outside Chicago, to spend the holiday with his family. "What about the pilot's family?" I heard a colleague say.
Another corporate insider "gimmick" to preserve the entitlements, so readily believed to be deserved and "earned" is to slide into a board seat upon retirement, arranged within the circle of executive networks amongst corporate featherbedders.
Investors and fund managers who care how their money is feeding these "entitlements" should look in the small print or the mundane rear volumes in any Corporations AGR and the outrageous, excessive, self satisfying perks will be hinted.. but never listed. The Corporate Boards and their Officers are a tight knit community when it comes to maintaining and sustaining their "entitlements".
Ill be in touch.
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