Chairmen aren’t forgotten

THIS year’s salary survey shows that it’s not just the chief executives at the top end of town who have mouth-watering incomes. The chairmen at the state’s largest companies also have incomes way beyond the average punter.

Top of the list was Atlas Iron’s former chairman Geoff Clifford. His total income was $1.05 million, but that was greatly inflated by share options valued at $866,000.

Many companies do not issue options to their non-executive directors, meaning their income is restricted to fees.

Wesfarmers chairman Bob Every was paid $639,532 in fees last financial year, courtesy of being chairman of the board, chairman of the remuneration committee and a member of the audit committee. Not far behind was Woodside chairman Michael Chaney, who was paid a total of $601,602.

They were followed by three executive chairmen: Aquila Resources Tony Poli on $572,000; Mineral Resources’ Peter Wade on $553,600; and Monadelphous’ John Rubino on $383,247.

Other high-earning chairmen included Fortescue Metals Group’s Herb Elliott ($264,583), who was recently replaced by company founder Andrew Forrest, and Iluka Resources’ John Pizzey ($230,385).