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Executives at some of Australia’s largest companies have received double-digit pay rises as workers face rising cost-of-living pressures, the Australian Associated Press reports. A report on board and executive pay among ASX-listed companies, released on Tuesday by the Governance Institute of Australia, found the salaries of chief executives rose by 14% in the past financial year while managing directors received an 11% pay rise.
The survey of 1089 companies had shown the average pay of a chief executive of an ASX 200 listed company was $1.37m in 2023/24, up from $1.14m in 2022/23. The average salary of the chairs of prominent companies also increased from $1.58m to $1.88m during the same period, while the salaries of general staff at the same companies rose by about 5%. Governance Institute chief executive Megan Motto said the report showed a widening disparity between executives and other staff.
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