Top executives at regulators ASIC and APRA are paid in line with the top executives of superannuation funds while industry associations lack disclosure standards expected of the industry they represent, this year’s Investment Magazine Salary Survey reflects.
APRA chair Wayne Byers and deputy chair Helen Howell earned $998k and $790k respectively during the survey period based on public disclosures during the 2019-20 financial year. These figures place the regulators among the top tier of superannuation fund chief investment officers and chief executives, the survey shows.
Pushing up close to $1 million, Byers’s remuneration rivals the pay packets Australian Super’s CEO Ian Silk ($1.111 million) and Hostplus’s CEO David Elia ($1.155 million) and UniSuper’s outgoing CEO, Kevin O’Sullivan ($973k).
Meanwhile Helen Rowell’s pay packet puts her in the same company as Mine Super CEO Harry Mitchell ($824k) and Rest Industry Super CIO Vicki Doyle ($847k). The full data-set from the 2021 Investment Magazine Super fund salary survey can be found here.
ASIC chair James Shipton (main picture, center) earned $855k before stepping down from his; APRA co-chair John Lonsdale earned $770k.
Super fund chairs had much lower remuneration packages than their regulator compatriots with the highest paid super chair (TWUSuper’s David Galbally) earning $294k.
ASFA CEO Martin Fahy earned $682k during the reporting period which have placed him in 13th place for top paid CEOs of superfunds, the survey reflects.
Perhaps the biggest surprise in the comparisons section of the Salary Survey is what’s not reported with ‘not available’ next to the remuneration disclosures of executives at the Financial Services Council and Industry Superannuation Australia CEOs Sally Loane and Bernie Dean.
You can find the full article and coverage of this year’s Salary Survey here.