Pay boost for energy boss

Don Elder. Photo / Glenn Jeffrey

Solid Energy Ltd's chief executive Don Elder declined a rise in his base salary in 2010 but increases in performance-related at-risk pay pushed his total remuneration to $1.406 million in the year to June 30, 2010.

His total fixed remuneration (TRF) was unchanged at $761,250, according the annual report of the state-owned enterprise, which said that due to the recession Dr Elder and the senior management team declined an increase in their TFR.

But the short-term incentive paid to Dr Elder rose 78.4 per cent to $298,410 and the long-term incentive pay rose 91 per cent to $346,367. In total, he receives $644,779 in variable remuneration, payable in October.

The total remuneration figure of $1.406m is 92 per cent of the amount potentially available and is up from $1.273m last year.

A breakdown of the short-term variable component shows weightings of 20 per cent for leadership, 30 per cent for financial performance against budget, 30 per cent for operational performace against budget and 20 per cent for health and safety, people and environment enabling and sustainability. The long-term incentive has a 75 per cent weighting for creating future value, 10 per cent for environmental liabilities and 15 per cent for health and safety.

- NZPA