The 2024 List of Australia's Highest-Paid CEOs

The 2024 CEO Salary Report offers a comprehensive look at the earnings of Australia's corporate leaders, with some eye-catching results. In her fourth year, Macquarie Group’s Shemara Wikramanayake is Australia’s best-paid CEO leading the investment bank.

While we saw the median pay for ASX100 CEOs slightly declined, realised pay surged as many CEOs outperformed their targets amid volatile market conditions and record ASX highs.

The Top Paid CEOs of 2024

The Remuneration Trends: Our Observations

"This year’s increase in realised pay shouldn’t come as a surprise,” said Toby Gardner, Managing Partner of Australia, New Zealand & Southeast Asia at Odgers Berndtson, reflecting on the trends driving executive compensation.

The report also highlights a shifting focus on executive remuneration models. Companies are increasingly tying compensation to Environmental, Social, and Governance (ESG) metrics, with some sectors linking up to 40% of pay to ESG KPIs. Additionally, the rise of Artificial Intelligence (AI) is transforming pay structures.

However, concerns remain over the alignment between pay and investor expectations. The past year saw many “strikes” against ASX companies over at-risk remuneration structures, prompting boards to rethink performance models.

Sectors like Healthcare and Industrials have experienced notable pay increases, reflecting global competition and local growth in these industries. Smaller companies within the S&P/ASX 300 also drive CEO median pay increases, offering unique opportunities for executives to effect meaningful change in a condensed timeframe.

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