Boeing’s Starliner Launch Could Face Serious Delay
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Boeing’s Starliner Launch Could Face Serious Delay

Aerospace company likely will need to remove space capsule for repairs to problematic valves.

By Andrew Tangel and Micah Maidenberg
Fri, Aug 13, 2021 11:47amGrey Clock 2 min

Boeing Co. BA -0.55% ’s Starliner space capsule launch could be delayed several months as the company will likely need to remove it from atop a rocket for repairs, people familiar with the matter said.

Such a delay would be a setback for Boeing’s space program. The company has spent years developing the Starliner and was supposed to launch it late last month to dock with the International Space Station, without crew on board—after a failed attempt a year and a half ago. Ultimately, the capsule is supposed to ferry astronauts to the International Space Station.

Boeing engineers have been working to repair a problem with some of the valves in a propulsion system on the Starliner that was discovered earlier this month while the vehicle sat on a launchpad. The company first said it was investigating the valve issues last week, and on Monday disclosed that 13 valves had failed to open as expected during preflight checks

Seven of the valves are working, the company has said, and engineers have continued to try to fix the others. The issue led the company and the National Aeronautics and Space Administration to postpone two potential launch dates for the Starliner last week.

As teams continued to work on the valve problem, separating the Starliner from the rocket appeared increasingly necessary, according to people familiar with the matter.

Engineers working on the Starliner are focused on giving priority to the safety of the spacecraft and their colleagues as they worked on addressing the issue with the valves, John Vollmer, a Boeing executive overseeing the Starliner, said in a statement last week.

Boeing and NASA on Monday said they hadn’t given up on potentially launching the Starliner this month. NASA said then the earliest possible date for another attempt would be in the middle of this month.

Ahead of the Starliner do-over, NASA and Boeing officials in July said they had subjected the spacecraft to rigorous, increased testing to ensure a successful test.

In December 2019, a Boeing software error prevented the Starliner from getting into the correct orbit and it never docked with the space station. Another potentially catastrophic error was fixed during the mission to prevent damaging the spacecraft’s protective heat shield.

The 2019 botched space mission came as Boeing was struggling with the fallout of two fatal crashes of its 737 MAX passenger aircraft. Company executives have since sought to revamp how the company handles engineering, safety and quality issues.

NASA has said it wants to have two U.S.-based companies available to transport astronauts to and from the space station. Right now, the agency has one confirmed provider, Space Exploration Technologies Corp., the formal name for Elon Musk’s SpaceX, in place for those flights. Its second option is to contract for seats on Russian rockets.

Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: August 12, 2021



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The Top 10 highest paid CEOs of the ASX 200 revealed

Along with pay rates, the latest report from the ACSI shows bonuses are no longer based on exceptional results

By Bronwyn Allen
Tue, Jul 23, 2024 2 min

The CEOs of the ASX 200 were paid a little less in FY23 compared to the year before, but bonuses appear to have become the norm rather than a reward for outstanding results, according to the Australia Council of Superannuation Investors (ACSI). ACSI has released its 23rd annual report documenting the CEOs’ realised pay, which combines base salaries, bonuses and other incentives.

The highest-paid CEO among Australian-domiciled ASX 200 companies in FY23 was Greg Goodman of Goodman Group, with realised pay of $27.34 million. Goodman Group is the ASX 200’s largest real estate investment trust (REIT) with a global portfolio of $80.5 billion in assets. The highest-paid CEO among foreign-domiciled ASX 200 companies was Mick Farrell of ResMed with realised pay of $47.58 million. ResMed manufactures CPAP machines to treat sleep apnoea.

The realised pay for the CEOs of the largest 100 companies by market capitalisation fell marginally from a median of $3.93 million in FY22 to $3.87 million in FY23. This is the lowest median in the 10 years since ACSI began basing its report on realised pay data. The median realised pay for the CEOs of the next largest 100 companies also fell from $2.1million to $1.95 million.

However, 192 of the ASX 200 CEOs took home a bonus, and Ed John, ACSI’s executive manager of stewardship, is concerned that bonuses are becoming “a given”.

“At a time when companies are focused on productivity and performance, it is critical that bonuses are only paid for exceptional outcomes,” Mr John said. He added that boards should set performance thresholds for CEO bonuses at appropriate levels.

ACSI said the slightly lower median realised pay of ASX 200 CEOs indicated greater scrutiny from shareholders was having an impact. There was a record 41 strike votes against executive pay at ASX 300 annual general meetings (AGMs) in 2023. This indicated an increasing number of shareholders were feeling unhappy with the executive pay levels at the companies in which they were invested.

A strike vote means 25 percent or more of shareholders voted against a company’s remuneration report. If a second strike vote is recorded at the next AGM, shareholders can vote to force the directors to stand for re-election.

10 highest-paid ASX 200 CEOs in FY23

1. Mick Farrell, ResMed, $47.58 million*
2. Robert Thomson, News Corporation, $41.53 million*
3. Greg Goodman, Goodman Group, $27.34 million
4. Shemara Wikramanayake, Macquarie Group, $25.32 million
5. Mike Henry, BHP Group, $19.68 million
6. Matt Comyn, Commonwealth Bank, $10.52 million
7. Jakob Stausholm, Rio Tinto, $10.47 million
8. Rob Scott, Wesfarmers, $9.57 million
9. Ron Delia, Amcor, $9.33 million*
10. Colin Goldschmidt, Sonic Healthcare, $8.35 million

Source: ACSI. Foreign-domiciled ASX 200 companies*

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