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BlueScope boss waives 2012 bonus

BlueScope Steel managing director Paul O’Malley will forgo any salary increase, bonus or long-term incentives for the just ended fiscal 2012.

Mr O’Malley made the announcement during a media briefing about the company’s $1.36 billion joint venture with Japan’s Nippon Steel corporation, which will give it entree to the whitegoods manufacturing market across South-East Asia.

He said he didn’t want the company’s performance to be ‘‘obscured’’ by comments about his remuneration.

However, he declined to comment on whether it was recognition of the power of the ‘‘two strikes’’ policy, saying that was a question for BlueScope’s chairman. The board had accepted his offer, he said.

Last year, when more than 1000 employees at its Australian operations were laid off, BlueScope recorded a 39 per cent vote against its remuneration report, as shareholders vented their ire.

It was well in excess of the 25 per cent threshold at which a ‘‘first strike’’ eventuates.