Property pay kept secret

Rob Lang. Photo / Greg Bowker

The pay of property chiefs is secret - and staying that way.

Listed property trusts are run by management companies which file their accounts away from the public gaze.

Although the NZX-listed real estate businesses make their accounts public, the management behind those firms is less opaque.

The take-home pay of AMP NZ Office Trust's Rob Lang, Goodman Property Trust's John Dakin or ING Property Trust's Peter Mence is not declared to investors or the public.

Craig Tyson, ING (NZ) investment manager, is scathing about the lack of information.

"One of the many inequities of the trust structure is that there is limited disclosure ... Current regulation only requires employee remuneration to be displayed in bands and directors' pay to be detailed."

Dakin said the listed property sector was mainly trusts or companies which employ property specialists to manage their assets. He is not saying what he gets.