BUMPER PAY CHEQUES FOR GOYDER AND MACKENZIE ON THE BACK OF STRONG RESULTS

Written on the 20 September 2017 by Ben Hall

BUMPER PAY CHEQUES FOR GOYDER AND MACKENZIE ON THE BACK OF STRONG RESULTS

THE ISSUE of CEO salaries and their size is likely to come under the microscope again after the bumper pay cheques of business heavyweights Richard Goyder and Andrew Mackenzie were revealed.

Wesfarmers (ASX: WES) managing director Goyder (pictured) pulled a $12.1 million pay packet in his final full year in charge of the Coles and Bunnings operator, while BHP Billiton (ASX: BHP) chief executive Andrew Mackenzie's annual pay has more than doubled to $5.67 million after his short-term incentive payments were restored last year.

Goyder's fixed remuneration remained steady at $3.35 million, but his annual incentive payment swelled nearly fourfold to $4.1 million and he picked up another $4.2 million in long-term incentives.

Wesfarmers' annual report also revealed deputy chief executive Rob Scott picked up $5.6 million in remuneration in FY17, but the company has confirmed his salary will remain far lower than Goyder's when he takes charge next month.

The Perth-based conglomerate posted a record 22 per cent rise in annual profit to $2.87 billion for 2016-17, despite the first earnings drop in nine years from its supermarket giant Coles.

Mackenzie's remuneration included a base salary of $2.12 million and short-term incentives of $US2.92 million, according to BHP Billiton's 2017 annual report.

BHP Billiton's Mackenzie pocketed $2.8 million in FY2016, because of the Samarco dam disaster in Brazil that claimed at least 19 lives and resulted in widespread environmental damage. All incentives for that financial year were slashed to zero following the disaster.

BHP Billiton swung to a full year net profit of $7.36 billion on higher iron ore and coal prices and was a massive turnaround from its $7.92 billion loss the previous year.

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Business News Australia

 
Author: Ben Hall

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