CBA shareholders urged to reject

Date: 29 September 2000

28 September 2000

ACTU President Sharan Burrow will visit Adelaide on Friday to encourage SA shareholders in the Commonwealth Bank to support a campaign targeted at ending excessive executive salaries and poor customer service at the bank.

The ACTU and consumer groups including the Australian Consumers Association are backing the Finance Sector Union campaign which will target the bank's October Annual General Meeting in Melbourne.

The Commonwealth has closed 29 SA branches since 1994. Meanwhile, the bank's CEO David Murray, whose salary topped $2 million last year, has enjoyed a 272% increase in pay. Bank management will ask shareholders at this year's AGM to approve another $1 million of free shares and 250,000 more share options for Mr Murray. In a national advertising and community campaign that kicked of this week with a nation wide newspaper advertisement, the union is calling on shareholders to reject this executive largesse by attending the AGM or issuing their proxy voting rights to FSU.

"Like many in the community Commonwealth Bank shareholders are sick of seeing customers, staff and the community loose out to big bank executives who continue to pay themselves obscene salaries. Shareholders want to see some balance. This campaign is about giving shareholders a chance to send the bank that message," said Ms Burrow.

Ms Burrow will visit union members at Adelaide Commonwealth Bank branches before holding a door stop press conference in front of the CBA branch at 96 William Street, Adelaide.

EVENT: SA launch Commonwealth Bank shareholder campaign

DATE: Friday September 29, 2000

TIME: 10:30 am

LOCATION: Outside CBA Branch 96 King William Street, Adelaide.

Ends

For further information

Contact:	ACTU George Wright
Union:	ACTU
Phone:	0396635655
Contact Mobile:	0419 556 616
WWW:	http://www.actu.asn.au/

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