$90 million for Australia's top 10 bosses
Australia’s top 10 bosses earned almost $90 million last year, while the founder and executive chairman of a lowly miner received almost $170 million as its share price soared.
Aquila Resources' Tony Poli, who has an annual salary of $572,000, scored a mammoth $169.9 million pay packet, driven by share options granted in 2005 which rose to almost 14 times their original worth during 2011.
This is amidst news that almost 90 per cent of Australia's top 200 chief executives received bonus payments in 2011, despite falling profitability and widespread job cuts.
A new report from the Australian Council of Superannuation Investors shows executive pay is still rising but the rate of growth is slowing as board's lower bonuses to try and meet the demands of shareholder pressure.
The average bonus in 2011 dropped to $1.25 million, its lowest level since 2004.
But angry shareholders are expected to use the coming AGM season to increase the pressure to directly link long-term bonuses to shareholder returns as part of a campaign to put greater scrutiny on fat cat wages as profits slip.
The ACSI report shows the biggest bonus was $3.3 million paid to Commonwealth Bank's outgoing boss Ralph Norris.
BHP Billiton chief executive Marius Kloppers was the top earner at more than $17 million in realised pay for 2011, which includes almost $12 million in share options and holdings.
Top 10 CEO pay in 2011
Company, CEO, statutory pay, realised pay
- BHP Billiton, Marius Kloppers, $11.8m, $17.3m
- ANZ, Mike Smith, $10m, $14.7m
- CBA, Ralph Norris, $8.6m, $12.6m
- Cola-Cola Amatil, Terry Davis, $7.9m, $8.9m
- Westpac, Gail Kelly, $9.8m, $8.6m
- Rio Tinto, Tom Albanese, $8.3m, $6.6m
- Macquarie Bank, Nick Moore, $8.6m, $6.2m
- NAB, Cameron Clyne, $8.6m, $5.6m
- James Hardie, Louis Gries, $8.1m, $5.2m
- Crown, Rowen Craigie, $7.7m, $3.6m
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.