KEY POINTS:
Find it hard to make ends meet on your paltry salary?
That's certainly not a problem faced by one of the most well-paid executives in the country.
Guinness Peat Group director Tony Gibbs has received the equivalent of $5.6 million in salary and bonuses this year.
That is among the best returns on record for a New Zealand-based executive of a sharemarket-listed company, a Wellington newspaper reported today.
GPG's top four executives together collected £8.86 million (NZ$21.9 million) for the year to December 2007, in which GPG posted an after-tax profit of £126 million. It was the most the four executives had been paid in one year.
In addition, the four were collectively showing book profits of more than £1 million on options converted into GPG shares during the year, the company's annual report shows.
Chairman and founder Sir Ron Brierley receives no salary as he is not an executive of the company, but he did get a bonus of £150,000 this year.
For the executives, Gary Weiss, Graeme Cureton, Blake Nixon and New Zealand director Mr Gibbs, most of this year's take-home pay has come from bonuses after the company's strong profit.
- NZPA
