Queensland Investment Corporation pays $58m in bonuses to staff

A state-owned investment corporation has paid more in bonuses to staff than dividends to its shareholders.

Queensland Investment Corporation has paid a staggering $58m in bonuses to its employees, more than it returned in dividends to the state government.

QIC CEO Damien Frawley, appearing during Budget Estimates on Monday, revealed the state investment organisation paid $58m in bonuses to staff during the 2019-20 financial year.

The bonuses were about $12m more than the $44.2m dividend it paid to the Queensland Government after delivering an $84.3m profit before tax. QIC was the only government-owned corporation to pay a bonus to staff during the financial year.

Treasurer Cameron Dick said the corporation had $79bn in funds under management, which he said put the bonuses “in context”.

QIC's CEO Damien Frawley. Lyndon Mechielsen/The Australian

However, Mr Dick refused to be drawn on the decision behind the bonus.

“I’m not responsible for salary, remuneration and payments to staff of QIC and that has been consistently the case for many years,” he told estimates.

Mr Frawley also pledged to provide details on the $126,258 in non-monetary benefits paid to QIC’s key management personnel.

“I can assure you, chair, they’re not gym memberships,” he said.

The investment corporation was not the only government-owned corporation to splash the cash on staff benefits.

Queensland Treasury Corporation CEO Philip Noble revealed his organisation spent $85,000 in staff carparking and other short-term benefits.