Chairmen of Wesfarmers, Woodside, QBE, Telstra and BHP are eclipsed by little-known directors at small mining and tech firms, but experts criticise their grants.
Andrew Liveris, president of the Brisbane 2032 Games Organising Committee, at an energy and climate summit in October 2022.The pay packets for better known directors at major companies is generally a flat fee as opposed to share grants. Among them are Michael Chaney at Wesfarmers, Richard Goyder at Woodside Petroleum, Michael Wilkins at QBE, John Mullen at Telstra and Mr MacKenzie at BHP, ranked between 10 and 20 on the director pay list.
OZ Minerals chairman Rebecca McGrath is the highest paid female director but still outside the top 25 paid directors in Australia.The payment of shares, performance rights and options are reported in the companies’ annual reports based on their statutory accounting value – being the fair market value of the shares or options, amortised over the restricted period. The amount the director actually receives depends on the company share price at the time the grant vests.
Traffic management business AVADA said in addition to Mr Hockridge’s $70,303 cash remuneration, his pre-IPO investment converted into 5.62 million shares on listing and recorded under accounting standards as a $2 million non-cash payment in its annual report, the company said. The Australian Council of Super Investors, which represents industry super funds, also said it is not opposed to directors receiving shares but did oppose any leverage in NED pay.
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