Business Editor for the NZ Herald

TVNZ confirms highest paid employee is chief executive Kevin Kenrick

TVNZ chief executive Ken Kenrick.
TVNZ chief executive Ken Kenrick.

TVNZ has confirmed that chief executive Kevin Kenrick is its highest paid employee, on about $1.1 million a year.

The state broadcaster had not previously explicitly identified what Kenrick earned.

In keeping with the pay disclosure practices followed by the country's listed companies, it had revealed only the number of employees who earned over $100,000, in salary bands of $10,000.

For example, TVNZ's last annual report said 48 current employees earned between $100,000 -$110,000 in the year to June 2015.

It disclosed that two of its staff earned between $560,000-$570,000 over that period and that one employee earned between $640,000-$650,000.

The highest paid employee in that list earned between $1.10m-$1.11m for the year.

INTERACTIVE: Explore the profit and CEO's salaries of New Zealand's top 50 listed companies

TVNZ confirmed today that its highest paid staff member was Kenrick and not any of its presenters. It will also disclose his pay explicitly in its upcoming annual report.

It will not, however, release any pay details of its presenters.

"Full disclosure of CEO remuneration is best practice amongst listed entities and TVNZ will be providing this same level of transparency in its upcoming annual report," TVNZ chairwoman Joan Withers said.

"The CEO is the highest paid role within TVNZ and Kevin's remuneration is reviewed annually against market data received by the board from independent specialist advisers. The incentive component of the package is based on the board's assessment of performance relative to the specific objectives set for the financial year," Withers said.

Kenrick, while the top earner at TVNZ, earns a considerable amount less than the average chief executive of the country's top 50 companies.
Chief executives of NZX-50 firms were paid, on average, $1.68m in 2015.

Chief executives of listed companies will have their salaries and reward schemes clearly published from next year, if proposals put forward by the NZX are adopted.

Another new measure would require NZX-listed companies to adopt policies to achieve a more diverse representation on their boards.

The proposed rules, released for consultation earlier this month, have already been through one round of feedback and, while further submissions will be sought, they are expected to be implemented.

- NZ Herald

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