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ANZ's Defence Of Performance Targets, Arrogant

Friday, May 10, 2002

ANZ's Defence Of Performance Targets, Arrogant, Says Union

We are appalled at the ANZ's arrogant defence of their performance and incentive targets on Morning Report this morning," said Don Farr.

"We are particularly astonished that the ANZ claims that their targets are based on 160 years of experience."

"The sell, sell, sell mentality that has hit banks has happened only in the last decade and a half when shareholders concerns have been put ahead of the community or workers' needs.

"In Mike Smith's case the position was a completely new one, there was no experience to suggest what an achievable target might be and the bank refused to alter targets in spite of the fact that 80% of his colleages were also not achieving them.

"Mike Smith's death is the tip of a large and dangerous ice berg," Don Farr said.

"All banks in this country would be wise to listen to the Coroner's advice that 'requirements of financial peformance as they affect employees should accommodate individual circumstance'."


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