RACQ declines to reveal cash splash for new chief executive David Carter

QUEENSLAND’S biggest club is refusing to say how much it is paying its new chief executive, who is leaving a banking job that paid $1.6 million.

NICE LITTLE EARNER

IS David Carter Brisbane’s best paid executive as the new boss of RACQ?

We will never know because the banker’s new employer is refusing to tell us and the 1.77 million members of the motoring body what his salary package is.

Carter (illustrated) made $1.6 million at his last job at Suncorp so we would assume his RACQ salary is north of that. But how far north? RACQ members who each year fork out a hundred bucks each to the organisation would presumably like to know.

David Carter is departing Suncorp for RACQ.

But a RACQ spokesperson tells your diarist that as a mutual organisation, rather than a listed company, it doesn’t have a legal obligation to disclose the individual remuneration information of executives. “We do however disclose the total annual remuneration expenditure for key management personnel in our annual report,” the spokesperson said. “In line with this decision, we won’t be disclosing David’s salary as we believe there is sufficient transparency for members under the current process, while maintaining confidentiality of the individual.” Many people would disagree there is sufficient transparency around this issue given that RACQ is bigger than most listed companies that have to disclose what top executive are paid. Page 54 of RACQ’s 2018/19 annual report states that in total $185.8 million was spent on employee benefits this year, including salaries and superannuation. Key management personnel were paid a total of $11.4 million.

TOWNSVILLE CHARGER

RETAIL is an increasingly tough business but Battery World Townsville’s Greg Leslie is rocking it. The former auto electrician bought his Garbutt store in 2005, taking it from an under-performing and lagging store, to the consistent No.1-ranked store in Australia. Leslie has been named Battery World’s Franchisee of the Year for the fourth consecutive year at the 111-store network’s annual excellence awards held in Fiji.

He also set another record chalking up 12 years as the country’s most successful store, a great achievement given Townsville’s lacklustre economy.

Battery World Townsville’s Greg Leslie

More than 200 Battery World franchisees, managers and suppliers attended the national conference in the tropical paradise. Greg is already predicted to make it a ‘baker’s dozen’ when next year’s awards are announced next year making it 13 years in a row as top store. Leslie says his secret is simple: look after customers and letting sales take care of themselves.

SUPER RESULT

CONGRATULATIONS to Queensland’s two biggest super funds, which have picked up a swag of industry awards. QSuper was awarded SuperRatings’ Pension of the Year, recognising its retirement income account as the best in Australia for the second year running. Meanwhile Sunsuper picked up SuperRatings’ Super Fund of the Year, awarded to the fund that offers the best value for its members.

QSuper chief executive officer Michael Pennisi says the awards capped off a strong year for the profit-for-members fund that was ranked number one in investment performance over a year. Sunsuper chief investment officer Ian Patrick says it is an honour for the fund to accept the awards, which were testimony to its singular commitment to its members.

Q Super chief executuive Michael Pennisi.

Looking ahead, Pennisi tells your diarist that there is a bit of uncertainty on the global front with trade wars adding to fears that super funds may struggle to achieve the returns they have in the past. Pennisi nevertheless says QSuper won’t be changing its strategy of investing in a diverse range of assets including stock, bonds and infrastructure.

COOKING WITH GAS

THE folk at ASX-listed energy explorer Comet Ridge are celebrating the State Government’s decision to select it as a tenderer to develop natural gas deposits in the Southern Bowen Basin

Comet Ridge managing director Tor McCaul said the award was probably the most significant development for the company in the past decade and will allow for a swift transition from appraisal to development.

Since 2015, the State Government has released more than 39,000 square km of land for gas exploration, over a fifth of it guaranteed to meet a shortage in the domestic market. Two projects have so far signed gas deals with local buyers.