Ling's pay doubles, but bonus suffers

Jonathan Ling could earn more. Photo / Sarah Ivey

Fletcher Building chief executive Jonathan Ling has enjoyed a big pay rise. But he could have earned considerably more.

Fletcher's annual report, issued yesterday, showed his pay more than doubled from the June 2009 year's $1,245,000 to $2,713,494.

But even with the rise, Ling did not achieve his top pay of $3,724,000, Fletcher Building said.

"The actual remuneration received by Mr Ling in the financial year was $2,713,494 comprising base remuneration of $1,260,00, a short-term incentive payment of $1,228,5000 and $224,994 paid in October 2009 in respect of shares," the June 2010 report said.

His base pay last year was $1,260,000 but Ling earns more when the company does better.

Telecom chief executive Paul Reynolds is the top-paid chief executive, earning about $5 million, down from $7.1 million last year.

He suffered the pay cut after his annual bonus went from $3 million to $900,000.

Fletcher's 2009 report showed how Ling's pay in a more-depressed year were much lower.

"His remuneration for the June 2009 year was $1,245,000.

"As the terms of the short-term incentive scheme requires the company profitability targets to be met, even if the individual performance goals are met, no short-term incentive payment arises this year," the report said on a grim note.

The latest annual report said two senior Fletcher Building employees received $1.3 million in the June, 2010 year. Director remuneration was also disclosed.

Dr Rod Deane, former chairman, got $272,250, down on last year's $363,000. New chairman and ex-chief executive Ralph Waters got $213,000 (previously $159,000), Hugh Fletcher, a descendant of the founding family $152,000 (previously $152,500), new director Alan Jackson $122,234, new director John Judge $164,000, Sir Dryden Spring $156,000 (previously $156,000), new director Gene Tilbrook $136,785 and Kerrin Vautier $152,500, the same as last year.