Public Health Officer Salary Australia – Australia, Compensation Indices, COVID-19, ESG, Executive Compensation, Incentives, Institutional Investors, International Governance, Management, Pay for Performance, Proxy Consultants, Say About Pay

Aniel Mahabier is CEO and founder; Alex Co is an APAC research analyst; e Edna Frimpong is a leading EU/APAC research analyst at CGLytics. This post is based on a CGLytics report by Mr. Mahabier, Mrs. Co, Mrs. Frimpong and Danai Kekatou. Related research from the Corporate Governance program includes Pay for Long-Term Performance by Lucian Bebchuk and Jesse Fried (discussed here in the forum).

Public Health Officer Salary Australia

The COVID-19 pandemic has had a serious negative impact on the global market. Australia is no exception, with nearly a million Australians losing their jobs. During the crisis, several companies convened their boards of directors to develop and implement crisis management strategies to maintain cash positions and ensure the health and well-being of their employees. Some companies have taken drastic measures by laying off employees or cutting compensation for directors, officers and employees in order to maintain liquidity.

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61 of the ASX 300 companies reported a reduction in executive and/or CEO (CEO) compensation from March 2020 to the first week of August 2020. Of the 61 companies, five companies have adjusted the CEO only compensation, one only for the CEO. chairman and directors excluding CEO) and 55 for the CEO and directors. In total, 60 companies announced pay cuts for their CEOs and 56 companies announced pay cuts for their executives.

Of the 60 companies that initiated the pay cuts for CEOs, 54 of those companies provided a pay cut percentage, while the other six did not disclose the specific percentage. In addition, 49 of the 56 companies that initiated the driver compensation cuts have disclosed their percentage of salary cuts, while seven companies have not.

Of the 54 companies that initiated CEO pay cuts and released pay cut percentages, 35 companies cut CEO base salaries, 17 companies cut both base pay and cash bonuses, and two companies cut cash bonuses only.

Nearly all companies have introduced pay cuts just for the CEO’s base salary. However, 17 companies not only cut their CEO salaries, but also reported an exemption from their short-term incentives, two of which were Flight Center and Vicinity Centers.

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Flight Center, one of Australia’s largest travel agencies, has announced a 50% pay cut for senior executives and directors through at least the end of fiscal 2020. Despite announcing a strong balance sheet of AUD 1.3 billion in cash, the company announced the final closure of 428 stores and a funding request of AUD 900 million.

One of Australia’s leading retail real estate groups, Vicinity Centers, has announced not only a 20% cut in executive pay, but also the cancellation of its short-term incentives in FY20. The effects of the pandemic on the company were still damaging, causing the value of the company’s real estate to drop significantly.

However, the company gained support from its shareholders as they helped raise AUD 1.2 billion through 8 institutional placements.

Of the companies that reported salary increases for CEOs, 26 companies cut salaries by 10-20%, resulting in an average reduction of just 9.23% from the average CEO salary taken in 2019. 22 companies started with salary cuts of 20-20%. % for an average reduction of 11.91% in the average CEO salary in 2019. Interestingly, of the four companies that cut the CEO salary by 70% or more, the average reduction was only 12.11% of the CEO salary. average CEO salary. 2019.

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Of the 61 ASX 300 companies that reported salary cuts from March through the first week of August 2020, the largest share (26%) came from the financial sector, including real estate, capital markets, diversified finance, banking and insurance. 25% of companies with salary increases are in the consumer discretionary sector, including autos, consumer durables and clothing, consumer services and retail.

The third largest sector is the industrial sector, which includes airlines, transportation, capital goods, and commercial and professional services sectors. While the impact of the COVID-19 pandemic has affected many different industries, the airline industry has undoubtedly suffered the most. Airline Qantas Airways released a statement revealing it plans to cut costs and maintain liquidity over the next six months.

The airline has laid off more than 25,000 employees and secured AUD 550 million in debt financing. Qantas CEO Alan Joyce and Chairman Richard Goyder have waived their full paychecks for the fiscal year, with board members and group leaders taking a 30% pay cut. While the Australian government has begun easing some restrictions, the resumption of international and domestic air travel remains uncertain.

Retail has also taken a major hit, with more than 40,000 retail layoffs. One of Australia’s largest stores, Myer, laid off 10,000 stores and support staff in early March 2020. Myer’s CEO and CEO, John King and the executive team, have voluntarily suspended their pay during this difficult time. Despite the physical store closures, Myer saw a substantial increase in online sales, allowing 20% ​​of the laid-off workers to return.

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Data and analysis from CGLytics shows that the combined CEO pay cuts initiated by the 54 companies in the ASX 300 are expected to represent 11.34% of the combined expected CEO pay of the 54 companies. Despite the appeal of executive pay cuts, they represent a small fraction of what executives earn throughout the year. A well-intentioned but negligible percentage of executive pay cuts relative to total pay can be a concern for shareholders, especially companies that have resorted to laying off employees and closing stores.

CGLytics has assessed the total payout to ASX 300 CEOs during the 2019 proxy season as of the annual report disclosures. The analysis sheds light on the five highest-paid CEOs based on their total wages paid, which is calculated as the sum of total fixed compensation, short-term incentives realized and long-term rewards realized.

Shareholders have challenged boards of directors to create CEO compensation packages that include long-term incentives (LTIs) as the largest component of executive compensation18. CGLytics data suggests that LTIs make up the largest component of an ASX 300 CEO’s total pay, showing an 8.4% increase between 2017 and 2019. In addition, the short-term incentive component (STI) faced a 5.3 decrease. % between 2017 and 2019. The base salary share did not increase between 2017 and 2019.

Proxy consulting firm Glass Lewis reported that there is a trend towards an increasing number of “strikes” against the introduction of compensation reporting, with 24 strikes in 2019 compared to 20 in 2018. Compensation reports contain overly high STI scores and unclear baseline targets for performance measures.

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Ramsay Health Care avoided a first strike against the approval of the compensation report at the 2018 Annual General Meeting (AGM), voting 24.88% of the 25% required for a first strike. Chairman Michael Siddle was “disappointed” by the shareholders’ decision, believing executives were not being overpaid. However, mr. Siddle has agreed to review the company’s remuneration policy by receiving shareholder advice and proxy advisors for the coming year 2019.

Unfortunately, Ramsay Health Care was one of 24 companies to win a first strike against the approval of the compensation report at the 2019 AGM. 29.23% of shareholders voted against the report, despite board members restating the FY 2019 report. simplified STI scorecard, called the “Ramsay Way,” which outlined five key performance metrics: financial performance, overall strategy execution, people, customer, and quality. Shareholders rejected the report because the five performance measures were vague and difficult to measure. In addition, despite the extension of the STI deferral to executives, the company has still paid nearly the full amount of the STI available for the year.

Mr. Rod McGeoch, the current chairman of the compensation committee, said the company has gone to great lengths to integrate KPMG’s recommendations into Ramsay Health Care’s compensation policy. mr. McGeoch also announced that the company would factor in non-core items, such as restructuring and lease costs, when measuring earnings per share results. mr. Siddle acknowledged that handling essential/non-essential items is a risk and will review these considerations for the company’s 2020 Compensation Report.

The CGLytics Pay for Performance software tool shows the relative placement of the ASX 300 and ASX 100 companies from 2017 to 2019 and compares the CEO’s three-year total payout to the company’s three-year total shareholder return (TSR).

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CGLytics analysis shows Downer EDI is the most aligned company on the ASX 100 as of 2019, positioned in the 56th percentile ranking for total CEO compensation realized and the company’s TSR performance. Shareholders showed strong support for the 2019 compensation report, receiving 97% approval. One of the highlights is that the company’s TSR, an LTI performance measure of the compensation policy, is 85.2% higher than the median comparator ASX 100. As a result, Downer EDI has invested 100% of its LTI premiums.

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