Yahoo Finance Westfield chiefs top CEO pay rankings with $21 million
Australia's chief executives are feeling the pinch of increased shareholder scrutiny and declining profits, as a new report shows that fixed pay for CEOs fell for just the second time in over a decade.
However, cash bonuses have risen, and top bosses of the ASX 100 are still making 67 times the national average.
Related: Newcrest slashes CEO's pay by nearly $1 million
Figures from the Australian Council of Superannuation Investors and Ownership Matters indicate a 2.4 per cent drop in average fixed salary to $1.9 million. With bonuses included, the number rises to an average take-home of $4.7 million, although 18 per cent of CEOs did not receive a bonus.
"You are much more likely to get a bonus than you were 10 years ago, and that bonus is much, much bigger," said Martin Lawrence of Ownership Matters.
Peter and Steven Lowy, co-chief executives of Westfield, take the top spot on the list with a combined pay packet of $21.08 million.
Related: Australia's highest-paid CEOs in 2011
The study also revealed large gaps between reported pay and realised pay, which includes deferred bonuses that are not included in the annual report.
Mark Clark, head of Regis Resources, disclosed payment of $541,000, but took home $16.46 million from option sales due to increases in the company's share price.
ANZ boss Mike Smith, who ranks just under the Westfield heads with disclosed pay of $9.67 million, took home $19.1 million thanks to accounted vested shares.
Related: Westfield chairman defends executive pay
Rounding out the top five are Gail Kelly of Westpac, former BHP chief executive Marius Kloppers and Louis Gries of James Hardie, all of whom weighed in above $9 million.
Australia's 10 highest-paid CEOs | Reported Pay | Realised Pay | |
1. Peter Lowy/Steven Lowy | Westfield | $21.08 million | $19.34 million |
2. Mike Smith | ANZ | $9.67 million | $19.17 million |
3. Gail Kelly | Westpac | $9.59 million | $11.68 million |
4. Marius Kloppers | BHP Billiton | $9.52 million | $12.73 million |
5. Louis Gries | James Hardie | $9.04 million | $9.23 million |
6. Tom Albanese | Rio Tinto | $8.79 million | $4.00 million |
7. Cameron Clyne | NAB | $8.78 million | $7.87 million |
8. Grant King | Origin Energy | $8.35 million | $6.86 million |
9. Patrick Snowball | Suncorp | $8.27 million | $4.05 million |
10. Richard Goyder | Wesfarmers | $8.01 million | $7.36 million |
