Supermarket Senate Hearing: How did Woolworths’ Brad Banducci hold up under questioning?
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During Tuesday's Senate inquiry about supermarkets’ rising prices and profits, some pretty memorable lines were said by Greens Senator Nick McKim to the (resigned) CEO of Woolworths, Brad Banducci.
Here are a few of the notable ones.
McKim: ‘I'm not interested in your spin or your bulls***.’
McKim: ‘Are you struggling with the ordinary English language meaning of the words that I’m using in my questions?’
Another shocking moment was the reveal of Banducci’s salary.
McKim: ‘How much did you make in the last financial year, Mr Banducci?’
Banducci: ‘Senator, my base salary at Woolworths is $2.6 million. And then I get a short-term bonus and a long-term bonus.’
McKim: ‘What did that add up to? Your total remuneration in the last financial year?’
Banducci: ‘$8.4 million in total, Senator.’
And the point that sparked a conversation around potential jail time for the CEO.
McKim: ‘You repeatedly refused to answer my question on return on equity.’
McKim: ‘A first-year commerce student at university could calculate your return on equity… I put it to you: the reason you don't want to focus on return on equity is because you don't like the story that it's telling, which is that you are basically profiteering and making off with massive profits at the expense of farmers at the expense of your workers and at the expense of Australian shoppers who are price gouging.’
McKim: ‘We're not interested in PR spin. We're not interested in you bulls***ing your way through this committee.’
McKim: ‘We are interested in you answering the questions.’
McKim: ‘Would you please answer this very simple question about the fact that your return on equity is more than two and a half times the return on equity made by Australian banks, which are the most profitable banking corporations in the world?’
The conversation eventually led to the following warning from McKim.
McKim: ‘It is open to the Senate to hold you in contempt, and that carries potential sanctions including up to six months imprisonment for you.’
The Woolworths CEO eventually said he didn't know and would take the question on notice.
Members, we’ll be covering this story in more detail; however, I am keen to hear from you first. How do you feel about the Senate hearing? Did Banducci's salary surprise you?
Here are a few of the notable ones.
McKim: ‘I'm not interested in your spin or your bulls***.’
McKim: ‘Are you struggling with the ordinary English language meaning of the words that I’m using in my questions?’
Another shocking moment was the reveal of Banducci’s salary.
McKim: ‘How much did you make in the last financial year, Mr Banducci?’
Banducci: ‘Senator, my base salary at Woolworths is $2.6 million. And then I get a short-term bonus and a long-term bonus.’
McKim: ‘What did that add up to? Your total remuneration in the last financial year?’
Banducci: ‘$8.4 million in total, Senator.’
Do you agree with the results of the Senate hearing so far? Image Credit: Shutterstock
And the point that sparked a conversation around potential jail time for the CEO.
McKim: ‘You repeatedly refused to answer my question on return on equity.’
McKim: ‘A first-year commerce student at university could calculate your return on equity… I put it to you: the reason you don't want to focus on return on equity is because you don't like the story that it's telling, which is that you are basically profiteering and making off with massive profits at the expense of farmers at the expense of your workers and at the expense of Australian shoppers who are price gouging.’
McKim: ‘We're not interested in PR spin. We're not interested in you bulls***ing your way through this committee.’
McKim: ‘We are interested in you answering the questions.’
McKim: ‘Would you please answer this very simple question about the fact that your return on equity is more than two and a half times the return on equity made by Australian banks, which are the most profitable banking corporations in the world?’
The conversation eventually led to the following warning from McKim.
McKim: ‘It is open to the Senate to hold you in contempt, and that carries potential sanctions including up to six months imprisonment for you.’
The Woolworths CEO eventually said he didn't know and would take the question on notice.
Members, we’ll be covering this story in more detail; however, I am keen to hear from you first. How do you feel about the Senate hearing? Did Banducci's salary surprise you?
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