CEO bonuses fall in 2011
Bonuses paid to chief executive officers (CEOs) of Australia's top companies fell significantly in 2011, reflecting a more mature conversation about executive pay between company boards and their shareholders.
This is according to new research by the Australian Council of Superannuation Investors (ASCI), which measured salary and bonus levels for CEOs in the Top 100 companies listed on the Australian Securities Exchange (ASX).
While fixed pay of chief executive officers (CEOs) in Australia's top companies remained steady in 2011, bonuses fell materially in the same period, the study found.
In fact, average bonuses ($1.3 million in 2011) fell to their lowest levels since 2004, although close to 90 per cent of CEOs still received one.
ACSI CEO Ann Byrne attributed the fall to a more mature conversation on executive pay that is taking place between boards and investors.
"It is clear that directors began listening to shareholder views on bonus sizes during 2011 and began making the adjustments that have continued into the first part of 2012," she said.
Overall, the average cash pay for the Top 100 CEOs declined by 8.9 per cent from 2010 levels to $3.1 million, which reflects the fall in bonus sizes, the study has found.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
