CEOs take pay cut
Chief executive annual rewards dropped by 6.8 per cent in the year until May as a result of the financial crisis, according to a survey released by consulting firm Hay Group.
Chief executive fixed income growth slowed to 2.8 per cent during the same period, compared to a rise of 10 per cent during the same time last year.
“These days an increasing portion of chief executive pay is provided in incentive-based pay, hence the overall decline in reward in the past year,” said the head of executive reward consulting at Hay, Trevor Warden.
“Chief executives are the most closely linked to corporate results of any of the senior executive team, which is why their pay has adjusted significantly to the recent economic and profit downturn,” he said.
More than half of the ASX50 companies are included in the survey.
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