CEO pay rose as super woes bubbled away

Deanne Stewart was the highest-paid CEO in the super industry in 2023-24, knocking Hostplus’ David Elia off the perch, with total remuneration of more than $1.9 million. Stewart’s cash salary was $1.1 million, an increase on the $964,708 she was paid in the 2023-2024 financial year, according to the public disclosures that underpin Investment Magazine’s (belated) annual Salary Survey.

The rest of Stewart’s pay packet was made up of $289,045 in short-term incentives, $455,176 in deferred incentives, $20,419 in non-monetary benefits, $27,399 in super payments and $24,201 in “other benefits”.

Each year, the Investment Magazine Salary Survey compiles remuneration data from super funds and sovereign wealth funds’ annual reports and from reports lodged with the Australian Prudential Regulation Authority (APRA) to get an understanding of salary trends among the sector’s top talent.

The survey’s methodology takes into account executives’ cash salary, short-term incentives, deterred incentives, shares, options and rights, one-off payments, non-monetary benefits and super, where data is available. The total remuneration package reflects all categories combined.

CEO remuneration - Table 1

_{Notes:
Total rem includes cash salary and may also include elements of short-term incentives including cash; other short-term bonuses; deferred incentives; shares, options and rights; one-off payments (including termination); non-monetary benefits; super; and other benefits including long-service leave. Some remuneration components may be accrued but not paid.
Deanne Stewart Aware Super) cash salary includes annual leave adjustment
Lachlan Baird (Prime Super) ceased 1 December 2023
Renae Seales (Prime Super) appointed 3 June 2024
John McMurdo (Australian Ethical) is chief executive officer and managing director; 55 per cent of CEO time allocated to super, according to financial report
Ross Piper (Australian Ethical) is chief executive officer of superannuation, Australian Ethical
Bernard Riley (ART) ceased 29 February 2024
David Anderson (ART) commenced 4 March 2024
Phil Stockwell (Active Super) ceased July 2023
Kelly Power (CFS) is chief executive officer, superannuation.
Melinda Howes (AMP) is group executive, super and investments; appointed 29 January 2024
Scott Hartley commenced 1 March 2024
Renato Mota ceased 29 Feb 2024
Sources: APRA data, published annual reports and remunerations reports}

The increase in Stewart’s salary came as the fund saw slowing growth in member accounts, recording a two per cent increase versus the three per cent growth it saw over FY2022-23 Elia still managed to take the number two position with total remuneration of $1.8 million, though growth in member accounts has also slowed at Hostplus, with the hospitality industry fund recording a six per cent increase versus last year’s 10 per cent.

Rounding out the top three was AustralianSuper CEO Paul Schroder, who saw his base pay rise to $1.57 million from $1.4 million last year, though he was awarded no bonus.

This year’s survey affords readers the benefit of hindsight; after the industry was rocked by scandals through the back half of 2024 and into 2025, CEO pay continued to rise despite the fact that many funds that were found to have failed in areas like insurance or member services were aware of the problems long before ASIC dragged them into the light.

CEO remuneration - Table 2

Kristian Fok, CEO of Cbus, took fourth place, making $1.6 million in the year to 30 June 2024, with $1.38 million of that in base pay, though the bonus he was awarded was significantly reduced from that when he was CIO of the fund ($187,626 vs $363,390). That was even as Cbus struggled to deal with delays in its death benefit claims handling that later put it in ASIC’s crosshairs. Fok was paid $1.2 million in the 2022-23 Financial Year, a period during which he also held the CIO role.

Paul Schroder received a small pay rise even though the fund he ran was, by failing to consolidate member accounts and remediate effected members, in breach of superannuation laws – breaches that resulted in the Federal Court imposing a $27 million fine on it.

The pay rises also reflect the increasingly turgid political and geopolitical currents that super funds are required to negotiate, while assets under management continue to grow exponentially and funds themselves adapt to a more complex operating model, defined by increased internalisation and internationalisation.

Meanwhile, Raphael Arndt – who was paid more than any super fund CEO in the 2024 edition as a result of holding the CIO position for some of the survey period – didn’t make the top five, taking home a mere $1.26 million after securing $1.5 million the previous year. He was paced by HESTA’s Debby Blakey ($1.28 million), UniSuper’s Peter Chun ($1.4 million) and Fok.

As in previous years, industry and profit-to-member funds were heavily represented in the top 10 by executive pay. Rest’s Vicki Doyle came in at number eight with total remuneration of $1.18 million, while Commonwealth Superannuation Corporation chief Damian Hill sits in ninth place with $1.13 million.

Rounding out the top 10 is Lachlan Baird – CEO of the $8 billion Prime Super – who took home $1.1 million as a result of a $565,525 payment made after he ceased his role with the fund in December 2023 after nearly 20 years at the helm.