AACo boosted directors’ salaries last year despite suffering a $103 million loss during a period of soaring beef prices

Australian Agricultural Co lifted the total remuneration for 10 board members from $1.55 million to $1.9 million last financial year despite suffering a $103 million loss.

New MD and CEO Hugh Killen has vowed to turn the company around.

AUSTRALIA’S biggest and oldest cattle company boosted the salaries of directors in the year to March despite suffering a loss of nearly $103 million during a period of soaring beef prices.

Australian Agricultural Company lifted the total remuneration for 10 board members from $1.55 million to $1.9 million, according to financial records released yesterday.

Another five top executives in the Brisbane-based group fared even better, with the collective spend on their compensation packages more than doubling from $944,038 to $1.9 million.

The only director who didn’t pocket a raise was Jessica Rudd, daughter of the former PM, who was just appointed in November.

Illustration of Hugh Killen by Brett Lethbridge

Rudd took home a mere $41,400 for her work at AACo, which previously attracted criticism for having no women directors and still
has a sad lack of
female talent in senior roles.

The salary spikes came even as all key financial metrics went backward, with even meat and cattle sales declining.

Hugh Killen, a former Westpac currency trader who served as the company’s COO, has vowed to turn things around.

Killen took over as MD and CEO in February, six months after the shock resignation of his predecessor, Jason Strong, an exit which capped a series of executive departures.

This week he appointed two new key underlings but will it be enough to change the dynamic?

Investors, who have seen the share price fall from a high of $1.96 in mid-2016 to yesterday’s close of $1.105, can only wonder.

PRATT’S TALK

AUSTRALIA’S richest man plans to make a rare appearance in Brisbane next month.

Billionaire cardboard king and philanthropist Anthony Pratt parachutes in to town on June 15 to address the annual gala luncheon put on by the Queensland Community Foundation.

A near-capacity crowd of more than 500 have already snapped up tickets for the function at City Hall to hear Pratt, who runs the Visy Industries empire.

For those wondering, we understand there are still about 100 seats left.

In keeping with the spirit of the event, a raft of local bizoids have been nominated for the Foundation’s four philanthropy awards and winners will be announced on the day.

Among those on the short list for a possible gong are entrepreneur Steve Baxter, spin doctor Geoff Rodgers, coffee baron Phil Di Bella and pastoralist Tim Fairfax.

GIVE IT AWAY

NOT surprisingly, Pratt, whose family has an estimated worth of more than $12 billion, is expected to talk about his philanthropic endeavours and his interest in food security.

He has famously vowed to give away $1 billion during his lifetime in a move that echoes the mega-generosity of his super wealthy counterparts in the US such as Bill Gates and Warren Buffett.

The Pratt Foundation has already donated hundreds of millions of dollars to charities in more than 20 countries over the past 40 years.

Visy is the largest privately owned packaging and recycling group in the world, employing a work force of more than 11,000.

Last year Pratt announced a $2 billion manufacturing growth plan expected to create more than 5000 jobs in the US over the next decade.

Pratt, who lived in the US for 15 years and still has an apartment in New York, is a Donald Trump supporter who hobnobbed with the President at his Florida compound in December.