Financial reports reveal the pay packets of some of the Gold Coast’s most powerful CEOs
As reporting season ends for another the financial year, we compare the pay packets of 10 of the Gold Coast’s listed company CEOs. Where does your boss rank?
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OF all the many thousands of pages of financial reports lodged by ASX listed companies, few are as well-discussed in the online forums as how many millions the big bosses are tucking away — or not as the case may be.
Numbers crunched by Ownership Matters for the powerful Australian Council of Superannuation Investors group found Qantas chief executive Alan Joyce was Australia’s highest-paid chief executive last year, taking home $23.88 million as he reaped the rewards of a long-term incentive plan.
Mr Joyce narrowly beat Macquarie Group’s Nicholas Moore, who earned $23.86 million.
Others figuring in the well-thumbed report into ASX200 companies were Michael Clarke of Treasury Wine Estates, who reaped $19.02m; Bob Vassie of St Barbara with $13.25m; and Craig Scroggie of NextDC $12.5m.
But what about the Gold Coast’s own ASX-listed big wigs? Let’s have a look:
1. Matt Bekier, The Star Entertainment Group: $3.33 million
The casino and resort operator’s market capitalisation dropped by a billion dollars in the past year, and it reported an 8.4 per cent profit slump, logging net profit of $224 million in the face of reduced spending by VIPs.
Although shareholders approved a 10 per cent pay rise for managing director and CEO Matt Bekier, his actual remuneration dropped year-on-year from $4.38 million to $3.33 million as the company’s financial performance meant he did not receive any bonuses.
Despite the dip, Mr Bekier’s still the best-paid CEO among the listed companies with Gold Coast influence.
2. Robert Kirby and Graham Burke, Village Roadshow: $1.89 million and $1.6 million respectively
Sydney-based, Gold Coast-driven Village Roadshow’s market capitalisation sneaked past theme parks rival Ardent Leisure in the past year, up from $430 million to $527 million.
Village increased earnings and announced its first shareholder dividend in three years.
The company is yet to release its 2019 remuneration, but its annual reports shows executive chairman Robert Kirby had total remuneration of $1.89 million in 2018, up from $1.59 million in 2017. CEO Graham Burke’s 2018 remuneration was $1.6 million in 2018, up from $1.41 million.
3. Ray Malone, AMA Group: $1.76 million
A newbie to town, this listed automotive group is now the Gold Coast’s third largest listed company by market capitalisation.
AMA logged a 43.7 per cent increase in full-year net profit to $21.7 million off the back of 20.9 per cent increase in revenue to $616 million.
Its latest financial report shows chairman and executive director Ray Malone earned a healthy base salary of $1.20 million, plus a $700,000 sign-on payment and other benefits for total remuneration of $1.76 million — less than the $2.22 million he logged the previous year.
4. Craig Treasure, Villa World: $1.6 million
This Broadbeach developer and takeover target has added about $30 million to its market capitalisation in the past year.
It reported net profit almost half of last year’s as weak consumer sentiment and tightening credit conditions impacted the bottom line.
CEO and managing director Craig Treasure’s remuneration for FY19 was $1.6 million, up from $1.5 million the previous year.
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5. Tomas Steenakers, National Veterinary Care: $967,696
This pet care company continues to bark up the right trees, increasing market capitalisation from $138.65 million this time last year to $162.8 million this week.
The Ormeau outfit announced full-year revenue grew 43.6 per cent in FY19 to $118.4 million in FY19.
Managing director and CEO Tomas Steenakers, who received total remuneration $794,884 in FY18, increased his pay packet to $967,696 in FY19.
6. Gary Carroll, G8 Education: $905,290
The largest listed company with its head office on the Gold Coast, G8’s market cap has grown by more than $192 million since this time last year.
The childcare provider, which reports on a calendar year, slashed its net profit by a fifth to $19 million in the first half of 2019, despite growing its earnings by seven per cent, with new accounting standards hitting the company’s bottom line.
G8’s net full-year profit fell 14.5 per cent to $79.5 million in calendar 2018 despite revenue increasing 7.7 per cent to $858.2 million.
Managing director Gary Carroll got a payrise for 2018, making total remuneration of $905,290 compared to $793,188 in 2017.
7. Sahba Abedian, Sunland Group: $744,142
Brisbane-based, Gold Coast-focused developer Sunland logged a profit more than $10 million below its expectations, at $17.7 million, amid a sluggish and slowing property market.
That was down from $31.3 million in FY18.
Managing director Sahba Abedian received total remuneration of $744,142 in FY19, up from $728,026 the previous year.
8. Kees Weel, PWR Holdings: $629,025
This Ormeau powerhouse, which develops and builds parts for race cars, grew its market capitalisation from $333 million to $450 million in the past year, and also grew its profit — logging a record $14.2 million for FY19.
Managing director and CEO Kees Weel‘s salary and other payments grew to $629,025, up from $621,152 the previous year.
9. Peter George, Retail Food Group: $341,160 (part year)
Not too long ago, RFG was a billion-dollar company listed on the ASX200. After nearly two years of pain, these days it doesn’t scrape into the GC10.
It’s down to executive chairman Peter George to make sure it still exists by this time next year.
RFG posted a $149.26 million net loss for 2018-19, backing up a $307 million loss the previous year.
Last financial year, RFG shelled out $1.65 million to then-managing director Andre Nell, who left on May 29, 2018, and paid $230,437 to then-CEO Richard Hinson who also left on December 3.
In FY19, RFG paid Mr Hinson another $581,544, including a $297,500 termination payment.
His successor Mr George was paid $341,160 for his first seven months in the challenging job.
10. John Osborne, Ardent Leisure Group theme parks division: $331,412 (part year)
The Dreamworld operator’s market capitalisation fell from $870.67 million this time last year to $494 million this week.
Ardent reported a net loss of $60.9 million for the 2019 financial year, an improvement from the $90.7 million loss it posted this time last year.
Ardent’s CEO pay bill has been exceptional in recent years — in FY18 it paid former group CEO Simon Kelly, who was less than six months in the job, $300,000 severance on top of his salary, totalling $880,075 for the half-year stint.
His predecessor Deborah Thomas, who left on the first day of the 2018 financial year, received 12 months salary in lieu of notice and was paid $731,291 in FY18.
Former group CEO and interim CFO Geoff Richardson (employed July 3, 2017-June 15, 2018): received a base salary of $846,700.
The same year, former Dreamworld CEO Craig Davidson (resigned July 3, 2018), was paid $611,654 in FY18, including $384,808 base salary, $177,000 termination pay and $49,846 in vested equity in the company.
In FY19, the group did not employ a group CEO, and Mr Davidson’s theme parks replacement John Osborne received $331,412 for his first seven months in the job.
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