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Alibaba sexual harassment investigation: ‘no evidence to prove rape’

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Police have found no evidence that an Alibaba employee was raped by her boss and a client on a business trip

Chinese police say there is not enough evidence to prove that a manager and client raped an Alibaba employee at a business trip.

In their initial findings police say the former manager was suspected of committing “forcible indecency” against the woman.

Two senior executives at the e-commerce giant have resigned and Chief Executive Daniel Zhang says the company’s handling of the incident is a “humiliation”.

Alibaba launches investigation

Alibaba launched an investigation after an anonymous employee published an 11-page document detailing how her boss and a client assaulted her on a business trip.

The document has circulated widely online, prompting a social media storm. The story was one of the top trending items on Weibo over the weekend of publication.

The woman says her boss coerced her into going on a business trip with him to meet one of her team’s clients in the city of Jinan.

The woman recounts that she woke with no clothing or memory of what happened

After drinking with the client one evening, she says she woke up in a hotel room the following day with no clothing or recollection of what happened.

CCTV footage from the hotel showed that her boss visited the room four times during the evening.

The woman reported the incident to human resources and management. However, no further action was taken against her boss.

Police in China’s city of Jinan said they were investigating the incident while Alibaba launches an investigation

“Alibaba Group has a zero-tolerance policy against sexual misconduct,” a spokesperson said. “We have suspended relevant parties suspected of violating our policies and values.”

The spokesperson also said Alibaba has created an “internal task force” to investigate the incident and support the police investigation.

Alibaba CEO Daniel Zhang addressed the incident in a post to the company’s internal message board

“It is not just Human Resources who should apologize. The related business department managers also hold responsibility and should apologize for their silence,” Zhang wrote.

“Starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action.”

Alibaba has responded by suspending the woman’s supervisor. It has also suspended the human resource worker who failed to take action against the alleged perpetrator.

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Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Money

Boeing CEO to depart with lucrative exit package despite chaos

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Boeing CEO Dave Calhoun is set to step down from his position at the end of the year, walking away with a substantial payout despite challenges faced during his tenure.

Here are the key points:

  • Massive Payout: Despite Boeing’s stock price plummeting by 43% since Calhoun took over as CEO in 2020, he is poised to receive a $24 million payment upon his departure.

  • Additional Compensation: Calhoun holds options that could potentially earn him an additional $45.5 million if his successor manages to boost Boeing’s share price by 37%.

  • Comparative Compensation: Calhoun’s compensation during his tenure exceeds that of CEOs in similar industries, despite Boeing’s stock underperforming in comparison.

Boeing CEO Dave Calhoun’s impending departure at the end of the year has sparked controversy as he stands to walk away with a substantial payout, despite the company’s tumultuous journey under his leadership.

READ MORE: Boeing CEO to step down

Despite inheriting a company reeling from the aftermath of two deadly 737 Max crashes, Calhoun’s tenure has been marred by further setbacks, including the recent Alaska Airlines door blowout incident that further tarnished Boeing’s reputation.

Boeing offers CEO $5.3 million incentive to stay through recovery …

With Boeing’s stock price plummeting by 43% during Calhoun’s time at the helm, questions arise about the correlation between executive compensation and company performance, especially in the face of such significant challenges.

‘Raised eyebrows’

Calhoun’s lucrative exit package, valued at $24 million, has raised eyebrows among shareholders and industry observers alike.

Additionally, the potential for Calhoun to earn an additional $45.5 million based on the future performance of Boeing’s shares has intensified scrutiny over executive compensation practices.

This sizable payout contrasts starkly with Boeing’s stock performance, which has significantly underperformed compared to both industry peers and broader market indices, highlighting the dissonance between executive rewards and shareholder value creation.

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Money

It’s been a record year for CEO compensation

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In 2023, Broadcom’s CEO Hock Tan was granted a stock award worth $161 million, propelling him into the realm of highest-paid CEOs.

However, as the company’s share price surged, the value of Tan’s award skyrocketed to approximately $1.3 billion, outpacing even the shareholders’ annual returns.

Tan’s compensation reflects a broader trend among top executives in the tech sector, where awards of restricted stock and stock options surged in value alongside company share prices.

Notably, CEOs like Charles Robbins of Cisco Systems and Shantanu Narayen of Adobe also saw substantial increases in their compensation, doubling in some cases.

The disclosure of such equity growth in executive compensation is a new requirement by the Securities and Exchange Commission (SEC), providing shareholders with insights into the changing value of executives’ awards throughout the year.

CEO pay is on the rise.

New heights

Overall, CEO pay at major S&P 500 companies reached new heights in 2023, rebounding from slower growth in the previous year. The median pay for these CEOs rose to $15.6 million, up from $14.1 million in 2022, reflecting a surge in equity awards.

Broadcom clarified that Tan’s stock award is designed to span five years, with no plans for additional equity grants or cash bonuses during that period.

Tan’s compensation, which amounts to approximately $33 million annually over five years, is contingent upon his continued tenure and specific share price targets.

While the initial valuation of Tan’s restricted shares stood at $160.5 million, the surge in Broadcom’s share price prompted the company to reassess the likelihood of meeting vesting conditions.

This reassessment suggests that Tan may not receive all the shares initially granted.

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Money

Market forecast: weather whirlwinds influencing investments

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Prime conditions for commodity investments arise from global weather shifts, geological tensions, and rising interest rates.

With global weather patterns causing disruptions in traditional supply chains, coupled with geopolitical tensions over natural resource access, and the anticipation of higher interest rates impacting financial markets, the conditions for commodity investments have reached exceptional levels.

Amidst this backdrop, Farrer Capital has emerged as a standout player, leveraging its unique ‘blue ocean’ approach to capitalize on price dislocations and scarce competition in the market.

Mark Wyld from MW Wealth joins the show to share his insights on the inclement weather impacting the market.

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