Strait Lies, 27 June 2003
Move to do away with limits will help it to retain and attract quality executives, carrier explains in note to shareholders.
“Singapore Airlines (SIA), which is in the midst of a wage-restructuring and retrenchment exercise, will ask shareholders to erase limits on the number of share options it can issue to senior executives. The move, it said, will boost its efforts to retain management talent.”
“…(share option schemes) are an integral and important component of a compensation plan to attract and retain quality executives in an increasingly competitive environment.”
Well it’s interesting to note that the present devastation of employees lives and the proposed daylight robbery from the SIA salary budget is now called “an exercise”.
So OK, I admit my profound ignorance to date. Maybe someone can assist me here?
I had previously been unaware of the existence of any higher level SIA personnel who could in any way be remotely described as “quality executives”. I am aware, however, of a number of “by numbers” bureaucratic, time-serving nonentities who masquerade as independent and visionary thinkers but who, in reality, are merely ciphers of a rapacious majority shareholder, in turn masquerading as operating in a “free market”, subject to and helpless within the vagaries of its “forces” but having the resources of and unilateral recourse to, its own MOM and IAC, to smooth out the exigencies of these “forces”, when they become too inconvenient.
I am similarly unaware of any “quality executives” within the flight operations division. I am, however, aware of a couple of re-tread generals who arrived with much fanfare, hailed as the panacea to the woes of an organization that produced SQ006 plus a number of near squeaks and who continue to preside over a coercive and fear ridden organization which shows no real prospect of any meaningful reform.
I am also aware that the “buggins turn” principle of the long serving company worthy eventually taking the top slot prevails, but I’ve so far been unable to discern any markedly apparent or galvanizing leadership, inspiration, or for want of a better word, “pizzaz”, emanating from this form of evolution.
And finally I have no recollection of any of the present higher echelon being restless to move on from SIA and being in receipt of continuous and persistent courtship to progress to pastures greener (not to be confused with the retirement sinecures offered to obedient club members)
So now you have it. I’ve revealed my ignorance but I know that you will all be able to tell me that this new move to “erase limits on the number of share options” is quickly going to change everything and that instead of keeping a newly promoted, thirty odd year timeserving drone CEO, we will quickly be able to replace him with fresh dynamism attracted from the world market by a compensation plan designed to draw the very best talent, regardless of nationality, race and background to the airline and that he/she will be free, with the aid of the proposed newly attractive compensation plan, to recruit his/her own co-directors and managers from the same world-wide market, again regardless of nationality etc.
I know that this is going to happen – I read it in the newspaper! But if, by chance, this elysian vision does not prevail, what could possible be the reason for the change proposed?