QIC’s $91m staff bonus pot in spotlight

Generous bonuses paid to QIC staff and executives could turn into a political issue with performance payments in excess of $91m paid out last financial year.

QIC CEO Kylie Rampa. Picture: Britta Campion / The Australian

Generous bonuses paid to staff at Queensland investment giant QIC are under the spotlight. The government-owned QIC paid performance and retention payments in excess of $91m last financial year to its 878 staff, more than the $88m dividend back to the Queensland Government, according to its latest annual financial statement.

The amount of each individual executive’s bonus was not disclosed as QIC says this would put it at a disadvantage compared to its private sector peers.

But just under $10 million in total remuneration was paid to key management personnel including four senior executives and nine board directors.

This figure - an increase of over $1 million, or 12 per cent over the year — included base salary, superannuation, leave accruals and performance payment bonuses.

QIC’s senior executive team includes chief executive Kylie Rampa (illustrated), chief financial officer Claire Blake, chief risk officer Sam O’Sulllivan and executive director Ravi Sriskandarajah. It seems the issue around bonuses has caught the attention of the LNP leadership and it is expected to be an area of focus for Shadow Treasurer David Janetzki should the LNP come to power on Saturday. To be fair, QIC says performance payments are largely supported by QIC’s private sector clients, not taxpayers. A QIC spokesperson says performance payments are only paid when QIC meets or exceeds its targets and objectives.

QIC’s headquarters in Brisbane.

“QIC remuneration arrangements are benchmarked to peer groups annually to ensure alignment to market,” the spokesman.

QIC also points out performance payments have decreased over the last three years, from $95.7 million in 2021-22 to $93.3 million in 2022-23 and now $91.6 million in the latest financial year. QIC chief executive Rampa’s salary - including leave accruals and superannuation - increased about 8 per cent to $985,719 in 2024.

Meanwhile remuneration for all QIC employees increased by a more modest 3.5 per cent, which was slightly below the rate of inflation of 3.8 per cent.

The increased employment remuneration expense, attributable to higher superannuation contributions and increased parental leave payments, led to a slight decline in profits for the financial year but overall record annual earnings to Queensland Government clients of $8.9 billion. QIC has recently struggled with the choppy property market but increased assets under management to $111.7bn, with approximately 70 per cent of funds exceeding performance objectives with an operating pre-tax profit of $125m.

Rampa, who took over as CEO in April 2022, says the results demonstrated QIC’s prudent financial management while navigating market volatility.

Legal hire

Experienced lawyer and corporate executive Ben van de Beld has joined law shop Creevey Horrell Lawyers as a special counsel in dispute resolution and litigation.

Creevey Horrell principal Dan Creevey says van de Beld brought more than two decades of legal experience both in Australia and overseas to the firm.

“We are looking forward to Ben’s contribution to Creevey Horrell Lawyers, particularly working with our clients in agribusinesses and rural enterprises, and helping them navigate complex and challenging legal matters,” Creevey says. Van de Beld joins Creevey Horrell after seven years with offshore services company Emapta Global. City Beat hears Van de Beld’s activities extend well beyond the law. He is an advisory council member with A-League soccer club, the Brisbane Roar, and his interest in philosophy, politics, and religion culminated in his debut book, “Theory of Happiness”, which focuses on the teachings of Greek philosopher Epictetus . He will be based in Creevey Horrell’s Toowoomba office.