News | Rural
21 Nov 2017 15:37
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Olympic Games
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Rural

    CEO pay packet gap 'needs to be fair'

    A prominent Auckland businessman is weighing in on the salary debate of the Fonterra CEO, saying NZ needs to find a way to reduce the pay gap.


    A prominent Auckland businessman says CEOs must "lift their social conscience" when it comes to their pay packets.

    It was a priority for New Zealand to reduce the pay gap between workers and CEOs, past president of the Institute of Directors, Michael Stiassny, said.

    His comment comes after it was revealed that Fonterra bumped up chief executive Theo Spierings' pay packet to $8.32 million in 2017.

    "We have to find a way that the corporate world is looking as though it's being fair and listening to the majority of people and 8.3 (million) is a little bit high to get into that box," Mr Stiassny told TVNZ's Q+A program.

    Mr Spierings' pay rise was a 78.5 per cent jump from his understood annual pay packet of $4.66m in 2016.

    It's a pay packet that makes him clearly New Zealand's highest paid chief executive in any listed company or fund, according to NZME's CEO Pay Survey.

    "It's becoming a responsibility for corporates all around the world to take a leadership in these larger items, and it's up to the boards of New Zealand companies to say we have to find a way of reducing the gap and making it fairer for all people working there," Mr Stiassny said.

    When it comes to paying CEOs "we haven't got it right", he said.

    "We're not in the Fonterra game, but we're paying our CEOs a lot of money.

    "We need to take account of that, and find a way of making that gap smaller.

    "People and CEOs have a social responsibility and need to say 'I can't take that much more income compared to the worker in the factory, it's just not right'.

    "We're asking everyone to lift their social conscience and actually start thinking about society as a whole and let it grow in a good way," he said.


    © 2017 NZN, NZCity

     Other Rural News
     21 Nov: Fonterra milk collection lifts in October
     16 Nov: Fonterra unveils waterway plan
     08 Nov: Pressure on dairy prices after GDT drop
     18 Oct: Dairy prices slip at GDT auction
     16 Oct: Wet months impact Fonterra milk collection
     04 Oct: Surprise fall at GDT dairy auction
     02 Oct: Dairy apprenticeships boost worker numbers
     Top Stories

    All Blacks as dangerous as ever: Gatland More...

    Fonterra milk collection lifts in October More...

     Today's News

    Law and Order:
    He said, he said in police kidnap trial 15:27

    Rugby League:
    Taukeiaho to break pain barrier for Tonga 15:27

    Robert Pattinson says the secret to his success is "f***ing up auditions" 15:20

    Concern for life of Rohingya refugee injured in motorbike accident on Nauru 15:17

    Phoenix look to keep up ruthlessness 14:57

    David Cassidy's condition is so serious that doctors have summoned his immediate family to the hospital to be with him 14:50

    Gwyneth Paltrow has filed for civil harassment prevention against an alleged stalker 14:20

    Fonterra milk collection lifts in October 14:07

    Lena Dunham is sorry for defending a 'Girls' writer who was accused of sexual assault 13:50

    Rugby League:
    Jillaroos still yet to peak: Sims 13:47

     News Search

    Power Search

    © 2017 New Zealand City Ltd