Australia’s 50 highest-paid CEOs in 2023 led by Macquarie Group’s Shemara Wikramanayake

. Her reported pay in 2022-23 was boosted by almost 30 per cent to top $30 million for the first time.

Herrero’s $8.1 million pay rise was the year’s biggest for a CEO, followed by an extra $6.7 million for Wikramanayake, $4.55 million for Seven’s Ryan Stokes and $2.7 million more for Novonix boss Chris Burns. Proxy firms and governance experts point to job cuts, pressure on boards to keep a lid on their employee wages and reflect that in executive pay rises and the public outrage demonstrated by the backlash againstEighteen top 200 companies received a strike on remuneration this year, including Qantas, Magellan, Fortescue, AMP, Nufarm, Treasury Wine Estates, Lendlease, Tabcorp, Dexus and Woolworths, as investors flexed their muscles.

“A whole industry has arisen around remuneration including consultants, proxy advisors and others, and boards now often spend as much time interacting with all these entities and trying to ensure everyone is satisfied, as they do in working with the CEO and management to actually drive outcomes,” he tells BOSS.

This year consumer and retail CEOs fared well – three of the top 10 highest-paid CEOs come from the consumer discretionary sector – after a lean few years while the property sector, industrial and healthcare CEOs fared less well. CEO of the $60 billion Wesfarmers’ Rob Scott received a relatively modest $8.1 million, while Treasury Wine CEO Tim Ford had a 26 per cent pay increase to $4.7 million.

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