<
https://www.theguardian.com/australia-news/2023/jul/13/ceos-at-australia-biggest-companies-earn-55-times-more-than-typical-worker-report-finds>
"Chief executives at Australia’s biggest companies are earning 55 times more
than a typical worker, according to the country’s biggest governance adviser.
CEO pay at the 100 largest listed firms averaged at $5.2m in the 2022 financial
year, the Australian Council of Superannuation Investors (Acsi) said in a new
report. The report found executive pay fell from 2021 levels, but noted that
period had particularly high CEO pay rates.
The difference between remuneration awarded to chief executives and workers
reverted to longer-term trends after the “pay largesse” of 2021, Acsi said.
Many company bosses received large pay packets in 2021 to “catch up” from the
start of the pandemic, when CEO wages took a hit.
Almost all executive pay packets are supercharged by bonuses, although many
have performance hurdles that are too easy to meet, the report found.
“It is good to see more restraint on executive pay in Australian companies over
the past year but there is still an ‘everyone wins a prize’ attitude in some
parts of the market,” said Ed John, an executive manager at Acsi."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
