CHIEF EXECUTIVE OFFICERS – SALARIES

NAB CEO forfeits $22m as push for changing of the guard speeds up

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Original article by Joyce Moullakis
The Australian – Page: 17 & 22 : 21-Feb-19

National Australia Bank has revealed that former CEO Andrew Thorburn will receive a ‘golden handshake’ of $1m. However, he will forgo about $22m in performance rights following his resignation. Thorburn was paid about $4m in 2018, but acting CEO Phil Chronican will be paid just $150,000 a month while he is in the role. Meanwhile, NAB chairman Ken Henry will have no role in selecting a permanent successor to Thorburn, while Angus Gluskie of White Funds Management has urged NAB to choose a new CEO within six months.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WHITE FUNDS MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Golden handshake as exiting Goyder pockets $12m

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Original article by Cliona O’Dowd
The Australian – Page: 28 : 21-Sep-17

The annual report of Perth-based conglomerate Wesfarmers shows that outgoing CEO Richard Goyder will receive total remuneration of $A12.1m in 2017, compared with just $A5.5m in 2016. However, Goyder’s short-term incentive bonus was slashed in 2016 due to the underperformance of Target and the Curragh coal mine. Wesfarmers chairman Michael Chaney has praised Goyder’s contribution during his 12-year tenure. He will be succeeded by Rob Scott in November.

CORPORATES
WESFARMERS LIMITED – ASX WES, TARGET AUSTRALIA PTY LTD, COLES SUPERMARKETS AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, CURRAGH QUEENSLAND MINING LIMITED, OFFICEWORKS SUPERSTORES PTY LTD, KMART AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW

BHP pledges improvements as chief’s pay rebounds 20pc

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Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 21-Sep-17

BHP Billiton CEO Andrew Mackenzie received a base salary of $US1.7m and total remuneration of $US7.1m ($A8.8m) in 2016-17, compared with $US5.9m previously. The resources group’s annual report also shows that recently-appointed chairman Ken MacKenzie will be paid $US880,000 in 2017-18, which is around eight per cent lower than predecessor Jac Nasser received in 2016-17. Meanwhile, MacKenzie has emphasised BHP’s commitment to shareholder engagement and capital management.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AMCOR LIMITED – ASX AMC, AUSTRALIAN FEDERAL POLICE

Two strikes rule reining in exec pay

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Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 24-Aug-17

The Australian Council of Superannuation Investors has released the findings of a survey which shows that the top listed companies have not significantly increased their CEOs’ salaries in the last 10 years. The annual fixed pay of S&P/ASX 100 CEOs has been steady at about $A1.9m, while bonuses have also been relatively steady. ACSI CEO Louise Davidson notes that the trend has coincided with the introduction of the "two strikes" rule.

CORPORATES
AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, STANDARD AND POOR’S 500 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, CHALLENGER LIMITED – ASX CGF, MACQUARIE GROUP LIMITED – ASX MQG, JAMES HARDIE INDUSTRIES PLC – ASX JHX, WESTFIELD CORPORATION – ASX WFD, PREMIER INVESTMENTS LIMITED – ASX PMV, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, CSL LIMITED – ASX CSL, FORTESCUE METALS GROUP LIMITED – ASX FMG, QANTAS AIRWAYS LIMITED – ASX QAN

Shareholders blast CBA CEO’s diversity bonus

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Original article by Patrick Durkin, Matthew Cranston
The Australian Financial Review – Page: 6 : 27-Sep-16

The Commonwealth Bank of Australia has been criticised for adding new targets to its bonus plan. The Australian Shareholders’ Association is concerned that CBA executives will now be rewarded for meeting targets that are unrelated to performance, following the introduction of a 25 per cent target for "diversity, inclusion, sustainability and culture". The bank’s existing 25 per cent bonus for "customer satisfaction" is also controversial. CEO Ian Narev’s remuneration for 2015-16 comprised a base salary of $A8.77 million and performance-linked bonuses of $A3.53 million.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, AGL ENERGY LIMITED – ASX AGL, TELSTRA CORPORATION LIMITED – ASX TLS, WOOLWORTHS LIMITED – ASX WOW, INVESTA OFFICE FUND – ASX IOF, ISS – INTERNATIONAL SERVICE SOLUTIONS A/S

CBA chief’s $12.3m pay bonanza

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Original article by Michael Roddan, Ben Butler
The Australian – Page: 21 & 25 : 16-Aug-16

Commonwealth Bank executives were collectively paid a total of $A44.8m in 2015-16. This includes the $A12.3m remuneration of CEO Ian Narev, which was 50 per cent higher than previously. However, the banking major notes that this includes equity awards that were granted over the previous four years and vested during the financial year. Narev’s remuneration rose by 5.4 per cent to $A8.77m on a statutory basis. The bank recently posted a cash profit of $A9.45bn for 2015-16.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Premier gives McInnes a million reasons to stay around

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 28-Apr-16

Premier Investments has extended the contract of its retail CEO Mark McInnes for another few years, with new incentives added to it. His base remuneration has been increased from $A2 million to $A2.5 million. He is now allowed to sell 800,000 shares, worth $A12.5 million. McInnes’ new remuneration package is yet to be approved by shareholders. Some of them think the package is too generous.

CORPORATES
PREMIER INVESTMENTS LIMITED – ASX PMV, JUST JEANS PTY LTD, PETER ALEXANDER, SMIGGLE PTY LTD, DOTTI, PORTMANS PTY LTD, DAVID JONES LIMITED

Top women closing gap on pay as earnings hit $580k

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Original article by Adam Creighton
The Australian – Page: 2 : 1-Mar-16

Data from the Australian Taxation Office shows that the three per cent of taxpayers in the highest marginal tax bracket accounted for nearly 30 per cent of the total income tax paid in fiscal 2014. Meanwhile, the average salary of male CEOs and directors rose by 10 per cent to $A667,000 during the financial year, while the average salary of their female counterparts increased by 20 per cent to $A580,000. Medical specialists and financial industry professionals were also among those with the highest incomes.

CORPORATES
AUSTRALIAN TAXATION OFFICE

Year of the $3m CEO pay

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Original article by Edmund Tadros, Patrick Durkin
The Australian Financial Review – Page: 19 : 10-Dec-15

The annual executive salary survey of "The Australian Financial Review" shows that former Amcor CEO Ken MacKenzie was paid $A20.92m in 2015, making him the best-paid head of a listed company in the nation. Overall, Australia’s 300 highest-paid CEOs have received a combined pay increase of five per cent in 2015, and the average annual salary of the top CEOs has exceeded $A3m for the first time. Some 31 of the highest-paid CEOs have stepped down in 2015, which significantly bolstered their remuneration for the year.

CORPORATES
AMCOR LIMITED – ASX AMC, STANDARD AND POOR’S ASX 200 INDEX, CIMIC GROUP LIMITED – ASX CIM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, TELSTRA CORPORATION LIMITED – ASX TLS, MYER HOLDINGS LIMITED – ASX MYR, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, EGAN ASSOCIATES MANAGEMENT CONSULTANTS, MACQUARIE GROUP LIMITED – ASX MQG, JAMES HARDIE INDUSTRIES PLC – ASX JHX, NEWS CORPORATION – ASX NWS, MIRVAC GROUP – ASX MGR, IMPEDIMED LIMITED – ASX IPD, 1-PAGE LIMITED – ASX 1PG, BLACKMORES LIMITED – ASX BKL, VITA GROUP LIMITED – ASX VTG, QANTAS AIRWAYS LIMITED – ASX QAN, AUSNET SERVICES LIMITED – ASX AST, ANSELL LIMITED – ASX ANN, ALS LIMITED – ASX ALQ, DOWNER EDI LIMITED – ASX DOW

Westpac’s Gail Kelly gets $11m in final year

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Original article by Clancy Yeates
The Australian Financial Review – Page: 24 : 12-Nov-15

Westpac’s 2015 annual report shows that former CEO Gail Kelly received $A11.76 million for her last four months at the helm of the bank. This figure comprises $A2.25 million in cash in the year to September 2015 and $A9.51 million in performance share options awarded in prior years. Kelly retired in February 2015.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB