Directors and senior executives have had little reason to smile when it comes to their pay packages. A new survey reveals that many didn’t get an increase during the 2019 financial year and further analysis shows that even more can expect pay cuts as COVID-19 takes it toll.
According to the Executive Remuneration Report 2020 by Aon and Governance Institute of Australia, almost two thirds of ASX300 entities did not increase board fees in FY19. For those that did give pay rises, the median increase for chairs and board members was four per cent and that for senior executives was 2.4 per cent over the 12-month period.
The survey, which was released in July and is based on data from 433 organisations, found that the average fixed remuneration for company secretaries was $335,129 in FY19. After target short-term incentives, the average target annual remuneration was $456,484.