Australia Markets close in 4 hrs 21 mins

Australia's highest paid CEO takes home $36.8m per year: who is it?

Samantha Menzies
Senior editor – Finance

Persistent and increasing bonus payments to Australia’s top chief executives are driving their wages to record levels.

Also read: From ATMs to currency exchange—how to get money on holiday without getting ripped off

According to latest analysis of CEO pay by the Australian Council of Superannuation Investors (ACSI), Australia’s highest earner, Domino’s Pizza Enterprises’ Don Meij took home $36.8 million in 2017, a whopping 669 times the wage of an average Aussie worker.

Westfield’s Peter & Steven Lowy came in with the second highest wage of $25.9 million, with MAcquarie Group’s Nicholas More and Ramsay Heath Care’s Chris Rex came in close behind with $25.1 million and $22.3 million respectively.

Also read: 8 most outrageous tax return claims revealed

Louis Gries at James Hardie Industries, Andrew Bassat at Seek, Ron Delia at Amcor, Alan Joyce at Qantas Airways, Colin Goldschmidt at Sonic Healthcare and Mark Hooper at Sigma Healthcare comprised the remainder of the top 10 list for the past financial year.

Bonus payments were the main driver of wage growth, with a massive 18% rise year-on-year – the highest recorded in the history of the survey.

Also read: 5 easy ways to save a deposit for your first home

“At a time when public trust in business is at a low ebb and wages growth is weak, board decisions to pay large bonuses just for hitting budget targets rather than exceptional performance, are especially tone-deaf,” ACSI CEO Louise Davidson said.

“This may be a sign that boards have lost sight of the link between a company’s social licence and the expectations of communities and investors.”

  • Finance
    Australian Associated Press

    Healthscope again targeted with $4.1bn bid

    BGH Capital and AustralianSuper have returned with another bid for Healthscope, five months after the private hospital operator rejected their takeover attempt.

  • Finance
    Australian Associated Press

    ASX slips at the open after Wall St drop

    Australian shares have edged lower at the open after a mixed overnight performance on Wall Street, with the banks and energy stocks slipping early.

  • Finance
    Australian Associated Press

    CBA $426m Indonesian insurance stake sale

    Commonwealth Bank is selling its 80 per cent stake in an Indonesian life insurance business and will boost its capital reserves with the profits.

  • Australia set for worst harvest in 10 yrs
    Finance
    Australian Associated Press

    Australia set for worst harvest in 10 yrs

    Rural analysts are predicting Australia's worst winter harvest in 10 years, with drought and overnight frosts ravaging eastern grain crops.

  • Finance
    Australian Associated Press

    Dow, S&P 500 fall as $US rises

    The US market has closed lower as a surging US dollar and earnings season jitters bite investors.

  • Finance
    Australian Associated Press

    AAP Markets Report October 23

    Movements on overseas markets.

  • Turbulence ahead from elections: Deloitte
    Finance
    Australian Associated Press

    Turbulence ahead from elections: Deloitte

    Deloitte economist Chris Richardson says progress toward surplus could be unsettled as politicians try to woo voters in federal, NSW and Victorian elections.

  • Finance
    Australian Associated Press

    Australian share market closes lower again

    The Australian share market has closed lower, largely a result of international worries.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Monday, October 22.

  • Telstra outage hit 1,433 Triple Zero calls
    Finance
    Australian Associated Press

    Telstra outage hit 1,433 Triple Zero calls

    Telstra has to improve its network after an ACMA investigation found more than 1,400 Triple Zero calls went unconnected during an outage.

  • Finance
    Australian Associated Press

    WorleyParsons grows with $4.6b acquisition

    WorleyParsons is set to almost double in size after agreeing to acquire Jacobs Engineering's energy, chemicals and resources division in a $A4.6 billion deal.

  • Flight Centre shares fall on guidance
    Finance
    Australian Associated Press

    Flight Centre shares fall on guidance

    Flight Centre shares have fallen as much as 12 per cent with investors unimpressed by the travel provider's updated guidance.

  • Clearances lag heading into auction season
    Finance
    Australian Associated Press

    Clearances lag heading into auction season

    National capital city auction clearances have lagged below 50 per cent for the fourth straight week amid a widespread market downturn

  • Virgin Australia flags H1 profit rise
    Finance
    Australian Associated Press

    Virgin Australia flags H1 profit rise

    Virgin Australia expects to lift first-half underlying profit at least 22 per cent to $100 million after seeing its first-quarter revenue jump 9.7 per cent.

  • Finance
    Australian Associated Press

    AAP Markets Report October 22

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    By-election shock to affect Aust markets

    The Australian share market is tipped to open lower again this week following the shock result in the Wentworth by-election.

  • Finance
    Australian Associated Press

    US S&P 500 slips on rates concerns

    Wall Street has finished the session flat to lower as worries about international trade tensions and rising interest rates weigh on market confidence.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Friday, October 19.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Friday, October 19.

  • Banks, energy lift but ASX in the red
    Finance
    Australian Associated Press

    Banks, energy lift but ASX in the red

    Australian shares are down but the market regained ground as the banks turned around a poor morning.

  • Finance
    Australian Associated Press

    High Court refuses $46m cartel fine appeal

    A Japanese car parts company ordered to pay a record $46 million fine for colluding with a competitor has been denied leave to appeal by the High Court.

  • Finance
    Australian Associated Press

    Wall St slides as Saudi, Italy add to woes

    US stocks have slid as the EU warning on Italy's budget and possibility of strained relations between US and Saudi Arabia added to investor woes.

  • Finance
    Australian Associated Press

    AAP Markets Report October 19

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, October 18.

  • Buoyant banks lead Australian market rally
    Finance
    Australian Associated Press

    Buoyant banks lead Australian market rally

    The ASX was flat after a choppy overnight session on Wall Street, with mining and energy stocks weighing on trade.