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CBD

A singular man of the skyways

Geoff Dixon's mark on the global aviation industry remains, one year after he was ejected from the chief executive's seat at Qantas with his $10.7 million parachute.

The United Airlines chief executive, Glenn Tilton, paid a glowing tribute to his former trans-Pacific foe this week when asked to compare Dickson to his replacement Alan Joyce.

"It can be difficult for anybody not to notice the difference between someone and Geoff Dixon," said the Gene Hackman look-a-like in a hangar at Newark International Airport in New York. "Geoff Dixon was rather unique."

As for his successor, the American airline chief had this to say to our North American CBD correspondent:

"It seems to me that Mr Joyce has taken a measured look at what best to do for the company over his tenure."

No raspberries

Fund managers were still game enough to hold an award's dinner at Star City casino last night, after one of the worst financial years on record for the bourse.

Hopefully superannuation account holders will not draw any comparisons to the managers of their retirement savings and the location of the awards.

The Australian Fund Managers Golden Bull Award for the fundie to lose the least went to the John Murray-founded Perennial Investment Partners.

The Human Headline Award – in a year where many fundies have tried to keep a low profile – went to Ausbil Dexia's head of Australian equities, Paul Xiradis.

While this column struggled to find any headlines generated by Xiradis among the news clippings, it does appear Xiradis at least was spot-on in calling the bottom of the market in March. Sadly, no Raspberry Award was given for the worst performing fundie.

Argo Investment's retiring managing director, Rob Patterson, can also feel comforted his name will live on in fund management infamy.

Patterson won the Fundies Hall of Fame Award. Other hall of famers include Geoff Wilson of Wilson HTM, Chris Cuffe, Peter Morgan, the Sol Trujillo groupie Anton Tagliaferro, Merv Peacock of AMP, Robert Maple-Brown, Warren McCullagh, Olev Rahn, Charles Macek and Kerr Neilson.

Patterson, who joined Argo in the summer of love in 1969, provided one of the longest resignation notices in fund management history this week when he declared he planned to step down next year.

A keen sailor, it is believed the 62-year-old Adelaidean plans to spend more time cruising around in his 43-foot yacht.

Economic bulge

ANZ's chief executive, Mike "007" Smith, has again been hard at work rewriting the banking lexicon.

After already describing boring presentations as Seinfeld updates, Smith has done away with any notion that we are set for a V-shaped or even W-shaped rebound.

In the case of New Zealand anyway. Smith reckons the Kiwis are due for a "pig in the python" rebound. Elsewhere, an innocent question about the weighted average cost of funding from an analyst from CommSec drew some competitive tension from Smith.

Seems like 007 thought his Commonwealth opponent, Sir Ralph Norris, may have been listening in. "He's not going to tell them, is he?" Smith whispered over the line as his chief financial officer threw to a Melbourne-based executive for a response. Luckily for Smith, ANZ's group treasurer, Rick Moscati, was not in the room to take the question.

Never ever

The banned company director and one-time BrisConnections unitholder Jim Byrnes has offered CBD a glimpse of his views on life.

"To know why I am like I am, I quote Churchill," Byrnes said in his email.

"Never give in, never give in, never, never, never, never – in nothing, great or small, large or petty – never give in, except to convictions of honour and good sense.

Never yield to force; never yield to the apparently overwhelming might of the enemy," said Byrnes, who was ordered this week to pay $185,000 in costs to Macquarie following his failed attempt to lead a $1.3 billion class action against the bank and BrisConnections.

"For this reason I am a formidable foe, not to be taken lightly. I simply keep coming. I will do all that is legal to have my way."

Peabody pride

A university study of coal that was sponsored by a US coal miner has come up with some ground-breaking findings.

Apparently the greenhouse-causing commodity improves life expectancy, according to the Peabody Energy and University of Queensland study.

Aside from injecting money into the economy, the study found: "Coal also contributes to improving the overall standard and quality of life, through the provision of services such as safe drinking water, lighting and treatment of waste water made possible by low-cost, reliable electricity.

"Average life expectancy in Australia is shown to have a high correlation with the availability of electricity."

Hopefully, this means many more of us will live long enough to see the impact of rising sea levels.

In a media release, Peabody's chief executive, Gregory Boyce, expressed his love for coal. "It's the pride of Australia's past, and the pride of its future."

Passed

The Caroma toilet maker GWA International has withstood a shareholder backlash and managed to steer two contentious resolutions through its annual meeting.

Richard, the 36-year-old son of the chairman, Barry Thornton, was elected to the board even though the proxy advisory firm RiskMetrics recommended against it.

About 15 per cent of shareholders voted against his appointment. Barry is a former chief executive of GWA and holds a 5 per cent stake.

About 20 per cent of shareholders also voted against the remuneration report, against which RiskMetrics also recommended a no vote.

Despite GWA crowing about its base "pay freeze" for executives this financial year and tying its long-term incentive hurdles to the performance of a list of other companies, RiskMetrics expressed concern about the "unexplained" 18.2 per cent rise in the base pay of the managing director, Peter Crowley, to $1.67 million last financial year.

"Shareholders should also note that the level of fixed salary paid to Crowley is significantly higher than that paid to CEOs of ASX-listed companies with similar market capitalisation," RiskMetrics said.

It also said Crowley was paid more in base pay than all but one of the companies that GWA has benchmarked for its long-term incentives.

These include the arch-rival GUD, whose chief executive is paid 40 per cent less than Crowley in base pay, Hills, Bradken, Spotless, Alesco, Crane, Ansell, Adelaide Brighton and Pacific Brands.

Got a tip? email srochfort@smh.com.au

Briefs

Transport

Dollar takes toll Toll, the transport and logistics company, said its overseas earnings would suffer because of the stronger dollar. While conditions remained challenging, volumes appeared to be improving and the company performance was in line with targets.

Travel

On target Travel agency Flight Centre said it had performed better than expected in the first quarter. It confirmed its annual profit guidance of between $125 million and $135 million. DRUGS Biota royalties Biota has been notified by its marketing partner, GlaxoSmithKline, that its anti-influenza drug Relenza recorded sales of $331 million in the first quarter, generating indicative royalties of $24.1 million.

Media

Loan breach Macquarie Media said its US unit American Consolidated Media had breached covenants for its $US133.7 million debt. It was talking to lenders about an extension.

Housing

 Sales on the wane A Housing Industry Association survey found the revival in new home sales is starting to wane following a cut to the first-home buyer's grant. Sales of houses last month were down 4.3 per cent on August. Apartment sales fell 6.5 per cent.