Corporate Costs
I highlighted yesterday that NAB has been caught up in the Australian press for the cost of sending its senior executives on a custom development program.
The Financial Times reported last week on the Dutch chemicals company DSM and how it engages with four business schools (IMD, RSM, Babson and Wharton) for its senior management and that it spends around €2 million a year on their development out of a total group education budget of €6 million.
DSM had a turnover of around US$13 billion last year and net profit of just US$
800 million; NAB's equivalent figures were US$ 42 billion and US$ 3.58 billion (according to Forbes World's Largest Cos list, Aprl 09). Whether the DSM figures include travel and accommodation expenses is not apparent - but in any case it suggests that the NAB figure may notbe as outlandish as its critics suggest.
Rod Millar
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