Domino’s boss a supreme earner
THE boss of Domino’s pizza has a pay packet with the lot, delivering $36,837,702 last year, an analysis of high earners reveals.
The Australian Council of Superannuation Investors report on chief executive officer pays, shows Don Meij is a supreme earner.
The realised pay, which includes the value of shares, compares to Mr Meij’s reported pay, which was $4,662,752.
Second on the list of ASX200 chiefs were Peter and Steven Lowy, heads of the Westfield shopping centre empire, pocketing a shared realised pay of $25,906,960. Macquarie Group’s Nicholas Moore came in third on $25,191,040.
Chris Rex, head of Ramsay Health Care, received $22,308,656.
In eighth spot was Qantas chief Alan Joyce at $11,247,850.
In its 17th year, the study found that “persistent and increasing bonus payments” were driving pays to record levels.
Superannuation council chief Louise Davidson said the paydays for corporates were out of step, with business leaders being rewarded with hefty bonuses for unexceptional work, while wage earners were not seeing such increases.
“This may be a sign that boards have lost sight of the link between a company’s social licence and the expectations of communities and investors,” she said.
“At a time when public trust in business is at a low ebb and wages growth is weak, board decisions to pay large bonuses just for hitting budget targets rather than exceptional performance, are especially tone-deaf.”
Ms Davidson said while bonuses were smaller, and more difficult to snare, for chiefs of companies from 101 to 200 on the ASX, they were still present.
“It’s a sad state of affairs when bonuses have become such a sure thing. If this issue is not addressed voluntarily, we may need legislative intervention to give shareholders a greater say — such as we have seen in other markets, like the United Kingdom,” she said.
She said bonus outcomes in the upcoming reporting season would be closely scrutinised.
“In light of these results, we will be looking closely at bonus outcomes in the upcoming reporting season. If they’re not transparent and reflective of performance, we will be recommending that our members vote against those remuneration reports.”
Ms Davidson said ASX100 chiefs were more likely to lose their job than their bonus. Last year, all but six of the 80 chief execs in line for a bonus payment got one.
She said the bonuses for ASX100 chiefs were the highest recorded in the history of the survey while the fixed component of the remuneration showed little growth.
Louis Gries, of James Hardie Industries, came in at $18,030,451; Seek’s Andrew Bassat on $14,123,802; Amcor’s Ron Delia on $12,208,088; Sonic Healthcare’s Colin Goldschmidt on $10,616,531 and Sigma Healthcare’s Mark Hooper on $10,295,490. The council is made up of nearly 40 local and international asset owners and institutional investors.