King of the fat cats lost a bit of cream
By Matt O'Sullivan | smh.com.au | 30 September
Illustration by Rocco Fazzari
The chief executive of Leighton Holdings, Wal King, has become Australia's highest paid corporate earner of the year, with a total salary of $12.6 million.
The latest pay card for Australia's largest contracting firm also shows that its former deputy chief executive, Dieter Adamsas, reaped $3.56 million in consultancy fees on top of almost $398,000 for his role as a non-executive director.
Mr Adamsas stepped down from the company's management ranks more than two years ago but has since offered "strategic consultancy services".
Mr King's remuneration makes him the highest paid executive of the year so far, surpassing BHP Billiton's chief executive, Marius Kloppers, on $US10.39 million ($11.9 million), Boral's Rod Pearse ($11.5 million), and the former Qantas chief Geoff Dixon ($10.7 million).
The Productivity Commission will report today on its inquiry into executive pay, led by the former competition tsar Allan Fels.
Fury over executive salaries and bonuses will be front-and-centre of the upcoming season of annual meetings, and some boards are expected to cop substantial votes against pay packages.
Leighton's annual report, published yesterday, shows Mr King's total package included a base salary of $3.2 million and a $5 million bonus.
But his total pay card was down on last financial year, when he earned $16.5 million. The company hinted this month that its long-serving chief executive will remain at the helm after his contract expires next year.
Leighton said it had amended Mr King's contract to "provide flexibility to extend his employment terms beyond June 30, 2010". Of Leighton's nine senior executives, seven took home an increase on their base pay this year.
The chief financial officer, Scott Charlton, drew a total package of almost $2.5 million, including an $800,000 bonus. But his total salary was lower than the $3.3 million of the previous year.
First published by Smh.com.au on September 30 2009
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