Australia's Top 50 Highest-Paid CEOs in 2023: A Recap

In a noteworthy shift, CEO compensation for the top 300 ASX-listed companies in Australia has declined for the first time since the onset of the pandemic. Influence by investor and public activism, lacklustre economic growth and job cuts have led to boards grappling with a rapidly evolving landscape.

Unpacking the numbers

For the third consecutive year, Shemara Wikramanayake, Macquarie Group's CEO, secured the top spot as Australia's highest-paid CEO, surging by nearly 30% and exceeding $30 million for the first time.

Despite headlining the list, Wikramanayake is one of only two women on it. Meg O’Neill at Woodside, ranked 25th with $6.7 million, represents the other female executive.

In the broader executive pay spectrum, Macquarie's CEO was overshadowed by Nick O’Kane, Head of Commodities and Global Markets, who received a staggering $57.6 million following the investment bank's $5.18 billion yearly profit. His decision to step down from this role surprises many, and who knows if he can match these numbers in his new home, wherever that may be.

Following closely in the CEO pay rankings, Victor Herrero, the Spanish Chief of Lovisa, recorded a reported pay of $29.6 million, marking the most substantial pay increase for the year. Notable pay hikes were also observed for Seven’s Ryan Stokes and Novonix's Chris Burns, with Kogan.com founder Ruslan Kogan securing the third position with a reported pay of $17.2 million.

Property developer Greg Goodman of Goodman Group reported $14.2 million in statutory pay, but his take-home pay, including shares and options, was estimated at $27.9 million. Departed Qantas CEO Alan Joyce rounded off the top five with reported annual pay of $11.9 million, reaching $21.4 million when factoring in shares and options.

Source: CEO Salary 2023 Report by Open Director and Odgers Berndtson Australia

Other notable CEOs, including BHP's Mike Henry, Amcor’s Ron Delia, and former Coles boss Steve Cain, also surpassed $10 million. However, the broader trend indicates a 2% decline in median pay for the ASX 300 CEOs, contrasting with a 16% increase the previous year.

The decline is attributed to factors such as job cuts, pressure to control employee wages, and public backlash against companies like Qantas and Optus. Eighteen top 200 companies, including Qantas, Magellan, Fortescue, AMP, and Woolworths, faced remuneration strikes this year as investors asserted their influence.

Founder of OpenDirector, Donald Hellyer, said the weaker CEO pay partly reflected the fact that a post-COVID catch-up had worked its way through the system last year. “Increasing regulatory costs and a slowing economy are causing boards to be cautious,” Don says.

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