CHH chief's pay packet rises to nearly $1.3 million

Carter Holt Harvey chief executive Peter Springford pocketed an extra $340,000 last year, taking his total pay package to almost $1.3 million.

The sum, disclosed in the forestry giant's annual report, includes a base salary of $725,000 and $481,000 of bonuses. The rest is made up of superannuation and insurance benefits.

The rise comes mainly from a boost in his basic salary and a larger bonus.

His package compares with Telecom chief executive Theresa Gattung's $2.83 million, Westpac New Zealand boss Ann Sherry's $2.65 million and Fonterra chief executive Andrew Ferrier's estimated $2 million. The report also shows more than 800 employees were paid more than $100,000 a year.

CHH said its operating profits for the year to December 31 would have had a $47 million boost to $306 million if it had applied the shortly to be introduced international financial reporting standards (IFRS). They will replace New Zealand Generally Accepted Accounting Principles for companies with more than 50 staff or annual revenue of $20 million and assets of $10 million.

They must be adopted by January 1, 2007, but firms such as CHH and Telecom are adopting them early, in line with Australia and the European Union.