Woolworths’ executive remuneration jumps in 2016

Despite the supermarket giant’s underperformance in the last year, salaries to key personnel ticked up.

The uptick in remuneration came through a period of significant underperformance. Picture: AFP/ Peter Parks.

The salaries of Woolworths’ executives crept higher in fiscal 2016 despite the group’s disappointing performance.

In its annual report, released after market on Friday, the retailer noted it had dished out $10.8 million in salaries and incentives to its key personnel, a $1.4m lift on the prior year.

The base salaries offered to its core executives rose more modestly, from $8.1m to $8.3m.

In both cases it represents a far cry from the halcyon days of giant pay packets, with the group’s total remuneration seen at $19.5m just two years ago.

The uptick in remuneration through fiscal 2016 did, however, come through a period of significant underperformance by the supermarket giant as key rival Coles and upstart Aldi pressured its market share.

Through the year to June 30 Woolworths’ valuation fell by around a quarter, with this development punctuated by the release of an earnings report that revealed a $1.23 billion loss.