REMUNERATION packages for the non-executive chairmen of some listed companies in Western Australia continue to attract attention, with significant fees outlaid to keep these part-timers at the head of their respective tables.
REMUNERATION packages for the non-executive chairmen of some listed companies in Western Australia continue to attract attention, with significant fees outlaid to keep these part-timers at the head of their respective tables.
One of WA's largest companies paid more than $500,000 to its long-serving non-executive chairman in his final year at the helm.
Outgoing Wesfarmers non-executive chair Trevor Eastwood received a salary, calculated solely as a combination of base salary and superannuation, of $507,150 last year.
That's an increase of almost 14 per cent in his pay packet, having received $445,400 the previous year.
It's worth noting that the newly appointed Wesfarmers chairman, Bob Every, will receive an even larger remuneration package than his predecessor.
Thanks to an increase in non-executive directors' fees, which the company described as reflective of the changing size and complexity of its business, Dr Every will receive fees to the tune of $540,000.
Mr Eastwood knocked off last year's salary-ladder leader, Woodside Petroleum's chairman Michael Chaney, who was paid $330,469 by the oil and gas producer.
Woodside's 2007 annual report, the latest publicly released remuneration report from the company, highlights chairman's fees of $500,000 per annum, but since Mr Chaney has only been in the chair since July 31 2007 he is yet to reach that level.
But Mr Chaney's role as chairman of National Australia Bank garnered him $645,750, excluding more than $70,000 in shares.
Including his NAB shares, Mr Chaney is earning more than $1 million for his two part-time board roles.
Rick Crabb took home $269,000 for his services as non-executive chairman to uranium miner, Paladin Energy.
And mineral sands miner Iluka Resources paid Ian McKenzie $241,109 for his work as chairman, despite its poor financial performance in recent years.
Mr McKenzie resigned in May, leaving Iluka to appoint Dr Every as chairman.
That means Dr Every should receive at least $750,000 next year for his work as non-executive chairman for Iluka and Wesfarmers.
Rounding out the top five chairman's salaries was Minara Resources' James Campbell, who received $231,500 before he also stepped down from the position in May, making way for Peter Coates as his replacement.
Macmahon Holdings and Great Southern were the only other WA organisations to pay $200,000 or more for the services of their respective chairmen.
Richard Carter received $200,175 from Macmahon, while Great Southern paid $200,000 to David Griffiths.
The biggest remuneration packages are found when combining base salaries and superannuation with potentially lucrative share option benefits and other options negotiated by the participating parties.
Poseidon Nickel approved a remuneration package worth a staggering $235 million for its non-executive chairman, Andrew Forrest.
The chief executive of Fortescue Metals Group received no director's fees for his role at the head of the table, settling instead for this share options agreement.
Range Resources non-executive chairman Sam Jonah also agreed to waive any form of salary payment and accepted a share options deal to the tune of $4.8 million.
Bannerman Resources chairman Alastair Clayton received a package valued at almost $1.6 million, while Dennis McInerney struck a deal worth nearly $1.1 million with Greater Pacific Gold.
