KEY POINTS:
Telecom had nine employees whose remuneration topped $1 million in the year to June 30, the company's annual report shows.
The top package was for a range of $3.71m to $3.72m, followed by a package of $2.72m to $2.73m. The remaining seven employees above $1m earned below $1.5m.
The figures include all monetary payments actually paid during the year, as well as the cost of all benefits provided to individuals plus the value of any share options or restricted shares.
The annual report also shows that board member Patsy Reddy, who is retiring after 10 years with Telecom, has accrued a retirement allowance of $465,000.
Chairman Wayne Boyd's total remuneration for the year was $435,000.
Chief executive Paul Reynolds, who started at Telecom last September 27, had a base salary of $1.33m.
Dr Reynolds was also issued with 402,300 share rights with a value at the time of $1.75m, that will vest over a three year period subject to achieving specific performance hurdles.
He earned $1.31m under a performance incentive scheme delivered in two parts, a 60 per cent cash payment and 40 per cent as fully paid ordinary Telecom shares subject to restrictive conditions.
Special payments of $404,735 paid to Dr Reynolds included payment for consulting services before he started at Telecom, personal travel, relocation costs and accommodation payments.
Among other executives, Chorus chief executive Mark Ratcliffe had a base salary during the year to June 30 of $622,077, received an annual cash incentive for the year to the end of June 2007 of $527,275 and earned a cash incentive of $367,023 for the latest year and paid in August.
Group general manager human resources Trisha McEwan had a base salary of $480,000, a cash incentive of $448,000 for the June 2007 year and earned a cash incentive of $248,400 for the latest year.
She also received a special payment of $324,590, having been "identified as having critical knowledge and expertise essential to retain through a period of change and received a retention payment to ensure she was retained through the CEO recruitment and induction period".
The aggregate amount of pay by Telecom to all executives, including Dr Reynolds, as a group during the year topped $17.5m.
That included compensation to executives who had left, with $3.7m for Marko Bogoievski, $2.5m to Simon Moutter, $1.6m to Mark Verbiest and $800,000 to Kevin Kenrick.
- NZPA
