ACSI’s in-depth annual analysis of CEO pay trends and outcomes in Australia’s largest listed companies is the longest running such study. This, our 25th report is Australia’s benchmark longitudinal study in this area. The FY2025 report, compiled by Ownership Matters, now has more than a decade’s worth of ‘realised pay’ data, which cuts through complex public reporting to provide a clearer picture of the pay received by Australian CEOs.
This year’s sample comprises 148 ASX200CEOs (FY24: 150). Beyond the sample of Australian companies included in the core research, for the sixth consecutive year we have also provided remuneration information on ASX200 CEOs whose companies are domiciled outside of Australia. These 15 CEOs are not included in core Australian sample data but are included in analysis of the highest paid CEOS across the ASX200.
Key findings
Highest paid:
- US-based CEOs are taking over the highest paid list. US CEOs account for 5 of the top 10 highest paid in the study with Life 360 CEO Chris Hulls, ResMed CEO Mick Farrell and News Corporation CEO Robert Thomson topping the list.
- The highest paid CEO in the ASX200 non-foreign CEO sample was Vikesh Ramsunder, CEO of Sigma Healthcare. This was his first appearance in the top 20 and follows the company’s merger with Chemist Warehouse.
New and old names in top 20:
- Repeat entrants to the top 20 – 7 CEOs of Australian companies were among the top 20 highest paid for the third year running. These were Shemara Wikramanayake (Macquarie Group), Greg Goodman (Goodman Group), Paul Flynn (Whitehaven Coal), Mike Henry (BHP), Rob Scott (Wesfarmers), Graham Chipchase (Brambles) and Trevor Croker (Aristocrat).
- New CEOs in the top 20 included companies that demonstrated significant increases in value including CEOs Chris Hulls of Life 360, Jon Pilcher of Neuren Pharmaceuticals and Raleigh Finlayson at Genesis Mineral. Financial performance was variable across the top 20 group.
Cash no longer king in the ASX100:
- High scrutiny of fixed pay among CEOs of large companies has seen ASX100 CEO fixed pay stagnate and decline in real terms. The median ASX100 CEO’s fixed pay for FY25 was $1.83m which, even after a 4% increase over the FY24 median, was below the record median of $1.95m in FY12.
- The same stagnation has not been seen in fixed pay for ASX101-200 CEOs. Median fixed pay for an ASX101-200 CEO rose 5.4% in FY25 to $1.14m.
Bonuses persistent:
- The median bonus outcome for an ASX100 CEO was 70.7% of maximum in FY25. In the 11 years the ACSI study has collected data on bonuses as a proportion of maximum, the median outcome for ASX100 CEOs has been between 60% and 77% of maximum every year other than FY20, the first year of COVID.
- This year’s sample confirms once more that an ASX200 CEO is more likely to depart than receive no bonus. Ten ASX100 CEOs left their roles. By contrast, just five CEOs eligible for abonus missed out.
Termination payments up:
- Termination payments for ASX100 CEOs cost shareholders $18.6m in FY25, driven by more and higher payments. Nine CEOs received a payment, up from six in FY24.
- The increase inaverage payments from ~$1.4m to ~$2.2m was largely due to FY25’s single largepayment of $5.88m to former Rio TintoCEO Jakob Stausholm.
