When BHP's top brass, chairman Jac Nasser and CEO Andrew Mackenzie, decided to spin off a reject pile of assets into South32 last year the idea was it would help BHP outperform.

Things haven't quite gone to plan.

Following its May 2015 listing, South32's stock halved to less than a dollar before recovering to restore all the value it lost since its public debut.

The same can't be said for BHP. Its stock is still down by more than one-third since its highs in May last year.

So here's hoping that Nasser and Mackenzie did not dump their South32 shares after the split.

But it gets worse.

The release of South32's annual report last week included the news that the boss of this reject pile, Graham Kerr, pulled in remuneration totalling $7.37 million for the 2016 financial year – including a $1 million cash bonus.

This easily pips the $US4.6 million that Mackenzie earned in 2015 – which translates to $6 million Aussie at current exchange rates.

Kerr's lode should also surpass Mackenzie's pay for last year given BHP has already stated he will not receive a bonus in 2016 due to the fatal dam collapse at Samarco mine in Brazil.

"The tailings dam failure at Samarco in November 2015 was a key consideration, along with the ongoing decline in commodity markets," said a BHP spokeswoman.

CBD might suggest it would be a bad look in the wake of its $8.3 billion loss as well, but that's just me.

Speaking about losses, South32 was $2.1 billion in the red last year. And, given his remuneration is so high, people might be worried about what reception Kerr will get from investors at the company's shareholder meeting in November.

So it might be a good thing there should be many less shareholders to cause a ruckus if the 125,739 of them who hold a less than marketable parcel of securities take up the company's offer and sell their stock to the sale facility it has set up. 

Giant steps 

We don't know if this reflects the ABC's sporting ambitions, but CBD could not help but notice chief Aunty, Michelle Guthrie, watching the Greater Western Sydney Giants slay the Swans at ANZ Stadium on Saturday night.

There was nothing inconspicuous about her appearance in a corporate box alongside AFL chief, Gillon McLachlan, and NSW Premier, Mike Baird.

The real powerplay was between the big chairs, of course.

The win gave Giants' chairman, former Business Council of Australia chair Tony Shepherd, bragging rights over his Swans equivalent, Moelis & Co boss, Andrew Pridham. 

Shortlife 

Aussie/Irishman Alan Shortall still casts a long shadow over the injectable syringe maker he headed for so many years: Unilife.

As we have reported, the company accounts were in a little disarray after Shortall's departure earlier this year due to  "violations of company policies and procedures and possible violations of law and regulation" which surfaced.

The ASX-listed Unilife issued its preliminary final report (unaudited) this month for the year ending June 30, but warned its "audited" financial statements are expected to "vary in material respects" to the unaudited financial statements it has just issued.

"Accordingly, investors are urged not to place undue reliance on the unaudited financial Information in making an investment decision about the company's securities," Unilife said in a refreshingly honest statement that should be adopted more widely on the ASX.

How different would things be if Dick Smith had this sort of disclaimer on its accounts last year?

Unilife has repeated its claim that the investigation into the "possible violations of law and regulation" by Shortall and former chairman Jim Bosnjak "has not identified any material financial loss to the company".

Unfortunately, it appears that one section of the unaudited report that we can rely on is the update on the company's cash position.

Unilife said it believes its cash reserves will see it through to the end of this month, but admitted that its ability to raise capital "will be limited" and there is no assurance financing will be available when needed.

It will not be able to raise cash via a share issue "for the forseeable future" and these factors "continue to raise substantial doubt about the company's ability to continue as a going concern".

After raising about $400 million from investors, and accumulating $464 million worth of losses, is it finally over for the injectable syringe maker?

Got a tip? ckruger@fairfaxmedia.com.au