In the latest bruising bout for executive boards, mum and dad investors are expected to vent their anger over the underpayment scandal today.
In October, Woolworths revealed details of the underpayment of nearly 6000 salaried team members over the past nine years, amounting to $300 million.
“Based on 12 months of due diligence investigations, Adero considers that the underpayments disclosed by Woolworths to date substantially understate the wages owed which Adero estimates at $620 million,” the law firm said in a statement at the time. A spokesperson from the supermarket giant said the company was puzzled as to how Adero Law settled on $620 million and confirmed it would be defending the proceedings.
“We had to extract all the files for the last two years, and it has taken us a long time to analyse this.”
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