Great letter FF Except for this piece:
I must say that I was impressed by the offer of the Chairman, yourself and the COO by giving up the bonus paid by Cathay Pacific for the year 2008 – HK$7.578 million in basic pay bonus and HK$ 2.450 million bonus paid into retirement schemes comes to over HK$ 10 million dollars between the three of you and that will help the company immensely.
The figures you quote are for the year 2007. The annual report states so and adds that they were earned in 2007 and paid in 2008. The bonus for 2008 hasn't been declared yet. That makes me think that if 2008 was the worst year in the company's history, how can ANY bonus be earned by our esteemed leaders for 2008? Therefore giving up something that shouldn't be paid in any event is a joke.
We'll have to wait until next year to find out what actually happens with bonuses, For example, will the DFO get a bonus foir 2008? If he does, we should ask WHY?