$200,000 pay rise for Coal & Allied’s directors

Coal & Allied will ask its shareholders to vote on the plan to increase its non-executive director fees by $200,000 a year.

Coal & Allied will ask its shareholders to vote on the plan to increase its non-executive director fees by $200,000 a year.

In a statement to the ASX, Coal and Allied has drawn up a proxy form which asks whether or not the company should increase the maximum aggregate to $1.1 million.

The planned salary increase has come under attack by mining unions who say the proposal is a disgrace in this time of financial uncertainty.

The mining union’s northern district president Ian Murray said the proposal is a slap in the face for workers whose jobs are under threat because of the global financial crisis.

“It’s an absolute disgrace to see a company have the audacity to increase non-executive directors fees to that amount,” he said.

Coal and Allied’s parent company Rio Tinto recently announced 14,000 global job losses.

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