SIA - Profits,Pay Cuts and Shareholders.

[G.Khan]

In their recent report SIA stated that the sale of an engineering facility and the method by which they write-down the value of their aircraft could not be seen as ongoing factors in the balance sheet and not, therefore, eligible to be considered for a bonus, so, this year, no bonus.

Have the staff at SIA, who received mandatory pay cuts and loss of annual increments etc., been assured by the management that shareholdes dividends will also not be calculated using those two extraordinary items?

Have the staff at SIA also been assured that the monies retained by the company from their pay and increments will not be used in calculating shareholder dividends?
Taking money from the staff to give to shareholders would certainly be immoral, if not criminal. ALPA(S) may want to consider this an issue they should take to court?

[411A]

G. Khan...

If you have a very long memory, you might just remember that SQ did this very same thing in 1979...and the funds saved were indeed sent along to company execs and directors...reported in the press elsewhere.
The calendar changes...but not the sneeky policies at SQ.

I know of only one time where the management and directors of SQ were caught out....
In 1980 they offered for sale their first B747 delivered, to PanAmerican. PanAm said OK and a deposit was paid. SQ then had a better offer from Metro Air (the then pax division of Flying Tiger), so the deposit from Pan Am was returned. Later on, Metro Air could not accept the aeroplane, so it was re-offered to PanAm.
Now not needing the machine, PanAm said...no thanks. The aeroplane set outside behind the hangar at Paya Lebar for ten months (with no engines) before a buyer could be found.
Much embarassment and finger-pointing continued for a long time.

[HotDog]

Well 411A, I am amazed! You obviously wear different coloured glasses for scrutinising different airline managements.:(

[411A]

Absolutely HotDog...you are very astute.
At about the same time, I was approached by an SQ 747 Captain and asked about airline unions in the USA. I suggested that writing to (and provided the adderss for) ALPA in Washington DC would be a good start...don't know if he did or not, but several years later SQ lost a decision in the Singapore Supreme Court regarding pilot unfair dismissals (pilot duty times and their proper application)...so it may have had some benefit.
This was long before the "invasion" by the folks from Oz....