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
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
