A reader’s letter to The Star…


Sent: Saturday, July 23, 2011 1:46 PM
To: Star
Cc: David Olive

Subject: Rewarding failure in high places – David Olive column, July 23, 2011.

Once again the Star publishes a major article deploring the “obscene” rewards to business executives with poor performance records. And once again, the Star fails to mention the compensation practices of the Torstar Corporation.

Mr. Olive “doesn’t get” News of the World’s Rebekah Brooks’ $3.9 million “golden parachute.” Surely he is aware of what every suffering Torstar Corporation shareholder knows. When Robert Prichard (Torstar’s previous chief executive) left the company he was given a “parting gift” of $11,551,981. By comparison, Rebekah Brooks’ payout is modest indeed and Robert Murdoch looks like a piker compared to the Torstar Corporation’s Compensation Committee.

During Robert Prichard’s watch, Torstar Corporation stock lost approximately two thirds of its value.