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The Managing Director of Sony Australia Carl Rose and Sales Director David Hargreaves have said that they did not receive increases in remuneration during the 2008/2009 financial year when Sony Australia staff were being laid off. They say that the last time they got a pay rise was on the 1st April 2008.
The claims were made, following an earlier ChannelNews story, which indicated that Rose and other senior executives at Sony Australia got a 7% pay rise in 2009 when other staff were being laid off in the Company.
The original ChannelNews story which was based on information supplied by Sony, to the Australian Securities & Investment Commission indicated that senior Sony executives had lifted their own compensation to over $2.5 million which was a 7% increase over what they paid themselves in 2008.
This story was wrong according to Sony. (Link to story)
Sony say that contrary to the suggestion in the article, there is no correlation between pay rises for executive staff and the reductions in staff numbers, and that the staff reduction occurred 11-12 months after Mr Rose and Mr Hargreaves received changes to their remuneration.
Sony Australia also indicated that staff reductions occurred after the commencement of the global financial crisis while the remuneration changes occurred following a period of record performance in 2007.
Sony claim that both Rose and Hargreaves, do not have the ability to give themselves pay raises and that their remuneration is determined by those to whom they reports to.
They claim that at no time have Sony Australia or Mr Rose sought to keep the remuneration of key executive staff secret as information is disclosed in reports to ASIC.
ChannelNews disputes this, in that that Sony has kept secret from the media, both profits and remuneration of employees, and that during the past five years they have never once issued a press release relating to profits or the performance of the Australian operation.
They do however issue press releases on new products, promotions, marketing investments and market share but not profits. They have also in the past refused to reveal profit or revenues when question by ChannelNews and SmartHouse staff.
Sony Australia claim that they comply with its obligations, with respect to the timing of financial information given that it is part of a listed group traded on public stock exchanges.
