MARTIN VAN BEYNEN
Last updated 17:47, September 3 2015
New Zealand’s top earning chief executive must be a man, right?
Most news reports gave the top honour for the 2014 financial year to ANZ chief executive David Hisco, whose pay packet came to $4.22 million.
No female executives appeared in the top five.
It now appears everyone was wrong. The winner for 2014 was in fact Jacki Johnson, the chief executive of IAG New Zealand, who trumped Hisco by about $400,000, taking home about $4.59m.
IAG was the biggest insurer of assets hit by the Canterbury earthquakes and was the country’s largest insurer.
These are tough times though. Johnson, who is based in Auckland, took a half-million-dollar pay cut this year. Her take home pay dropped to $4.1m, according to IAG’s annual report for the 2015 financial year, ending June 30.
Her boss, managing director Michael Wilkins, who earned $12.2m in the 2014 financial year, took an even harsher cut, with a cool million dollars shaved off his previous remuneration.
Whether Hisco has out-earned Johnson this year won’t be known until ANZ releases its full annual report. IAG’s annual report appears to be one of the first out of the blocks and was released in late August.
Other big earners – like Spark chief executive Simon Moutter, Fletcher Building’s Mark Adamson and Fonterra’s Theo Spierings – are not even in the same ball park as Johnson and Hisco. They all earn only about $3.5m.
Johnson’s fixed pay for the year to June 2015 was $1.096m but she received a top-up of $418,000 as a short term cash incentive based on performance, $398,000 as incentive previously deferred, and $1.95m as IAG shares or cash as a long-term incentive.
Johnson joined IAG in 2001 and held several senior positions before being appointed CEO of IAG New Zealand in 2010.
She has more than 20 years of experience in the insurance industry and held senior positions with Allianz Insurance, HIH Insurance, and IRS Total Injury Management.
She is a Fellow of the Australian Institute of Company Directors and holds a B App Science (Occupational Therapy) and an MBA.
IAG New Zealand last month announced it had exceeded a NZ$4 billion reinsurance limit on the February 22, 2011, earthquake and was dipping into reserves to pay claims.
IAG shares fell A33 cents to A$5.48 after the news.