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Skateboarding News

Sunday, November 18, 2012

How much do you make in the skateboarding industry?

That 70 show...
There were lots of echoes bouncing around in "Lords of Dogtown," and it's not just because the film's best action happens inside empty swimming pools. The film is a trip back to the 1970s – but also to 2001, when "Dogtown and Z-Boys" came out. A clip released last year also took place in backyard pool: the Globe Bantam commercial. The clip showed hot babes around handsome dudes grinding the lips of empty pools and helped Globe and the Bantam skateboard become the hottest toy of the year. Another clip (see on the top) showed the same girls in a series of ditches. Both clips were seen by more than 1.7 million people…

Well, those were the good days, because even if you are the #1 skate company worldwide, it appears that Globe’s 2011/12 financial year net profit was just $100,000.

As a result, Skate and surfwear company Globe International has been forced into a board spill after shareholders rejected its executive pay structure for a second straight year.Almost 86 per cent of votes cast at Globe's annual general meeting on Wednesday were against the company's remuneration report for the 2011/12 financial year.

That follows a 74 per cent vote against Globe's pay policy at last year's annual general meeting. Under new corporate laws, shareholders of a company receiving two consecutive votes of 25 per cent or more against its remuneration can force the company's board to face re-election.

Globe shareholders voted for a spill meeting, which must be held within 90 days. The company said the votes cast against its pay package represent only 8.6 per cent of its total shares. Directors and executives of the company own 74 per cent of the shares, but are unable to vote on matters relating to their positions.

Globe's chief executive Matthew Hill was paid $721,720 in the 2011/12 financial year, down from $870,356 in the previous year. However Globe's president in the United States Gary Valentine, chief financial officer Jessica Moelands and president in Australasia Jon Moses, all received higher pay packets in 2011/12, of between $382,000 and $241,000.

Mr Hill told shareholders on Wednesday it was difficult to predict this year's result because of "ongoing downward pressure on margins and volatility in key markets".

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posted by Xavier Lannes @ Sunday, November 18, 2012 


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