CEOs take pay cut
Chief executive annual rewards dropped by 6.8 per cent in the year until May as a result of the financial crisis, according to a survey released by consulting firm Hay Group.
Chief executive fixed income growth slowed to 2.8 per cent during the same period, compared to a rise of 10 per cent during the same time last year.
“These days an increasing portion of chief executive pay is provided in incentive-based pay, hence the overall decline in reward in the past year,” said the head of executive reward consulting at Hay, Trevor Warden.
“Chief executives are the most closely linked to corporate results of any of the senior executive team, which is why their pay has adjusted significantly to the recent economic and profit downturn,” he said.
More than half of the ASX50 companies are included in the survey.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
