Wesfarmers chief's pay soars 60pc

PERTH: Wesfarmers chief executive Richard Goyder saw his total remuneration boosted by 60.7 per cent in 2008/09 to a cool A$8.12 million ($9.93 million) after the inclusion of bonuses, but he faces a pay freeze this year.

His package included a cash salary of A$2.9 million, up from A$2.7 million in 2007/08, and A$3.6 million in share-based payments, up from A$1.6 million previously.

It also included a short-term incentive payment of A$1.1 million that "was limited to the achievement of financial targets only, with no payment for the individual performance objectives element", the diversified retail and resources conglomerate said.

Wesfarmers' net profit for the year ended June 30 was A$1.535 billion, up 44 per cent from A$1.063 billion in 2007/08, driven by the strong performance of hardware chain Bunnings and Coles.

- AAP