$38m tops list in any language
THE boss of an educational outfit which teaches English to foreign students has emerged as the nation’s highest-paid chief executive, banking a whopping $37.8m in pay and perks.
IDP Education chief Andrew Barkla pocketed the staggering sum – close to 440 times the average full-time wage – in the 2018-19 financial year, a survey by the Australian Council of Superannuation Investors found.
Mr Barkla’s payday was the single biggest sum ever recorded in the 19 years the survey has run.
It was also the first time a chief of a company outside the ASX 100 – the 100 biggest companies on the stockmarket – topped the pay ranks.
The previous record holder was Domino’s Pizza boss Don Meij who took home $36.8m in 2018-17.
Mr Barkla’s pay haul was also far greater than the $2.25m IDP, which channels foreign students into local universities, reported him as receiving in 2018-19.
The ACSI survey, to be released on Friday, tracks realised pay, or the value of cash pocketed by corporate chiefs in base pay and by cashing in shares awarded as bonuses.
That stands in contrast to the pay reported in company remuneration reports where performance-based payments, generally made in share options, reflect various accounting valuations.
Mr Barkla became the chief of Melbourne-based IDP in 2015, leading it through a share market listing.
His 2018-19 realised pay comes after the share price surged from $2.65 at the time of its November 2015 listing to more than $10 when he sold 3.1m shares granted before the company’s initial public offering.
ACSI blasted those incentive payments as “poorly structured”.
It noted the trigger share price to achieve them was set well below what the company listed at.
IDP said the value of the company under Mr Barkla’s leadership had grown from $660m when it was listed to $4.4bn at the end of June 2019, which had benefited all shareholders.
“Andrew Barkla’s current remuneration is consistent with market benchmarking,” it said.
CSL chief Paul Perreault took out the No 2 position – collecting $30.5m in pay and perks against a reported $16.4m – while Clinuvel Pharmaceutical’s Philippe Wolgen was the third-best paid boss collecting $20.6m against a reported $1.4m.
As Mr Barkla pocketed the record haul, the survey shows the average pay of an ASX 100 chief dropped 7.4 per cent to $5.2m in 2018-19.
“More boards are using sensible discretion to rein in outcomes for senior,” ACSI chief Louise Davidson said.