Southern meat processing company leaders appeared to cash in on the high meat prices seen by their farmer shareholders and suppliers last year.
The annual reports of Dunedin-based Silver Fern Farms and Invercargill-based Alliance Group, released last week, showed that the chairmen and chief executives of both received hefty pay
increases.
SFF chief executive Keith Cooper received a pay package of between $860,001 and $870,000 for the year ended August 31, an increase of about $250,000 on what he received in the previous corresponding period.
Mr Cooper is paid about $590,000 more than the next highest paid employee of SFF who receives between $270,001 and $280,000.
Notes in the annual report said that Mr Cooper's salary had been determined based on advice from an external consultant and had been set at the median of the market for the role. It contained an at-risk element which was not paid unless criteria had been met. The total paid in the year contained a payment relating to performance at the year end August 31, 2008.
SFF chairman Eoin Garden received director's fees of $86,460 in the latest financial year, a 53.6 per cent increase on the $56,300 he received the previous year.
Alliance chief executive Grant Cuff received remuneration of between $620,000 and $630,000 in the year ended September, up from the $550,000 to $560,000 he received in the 2008 year.
He is paid about $220,000 more than the next highest paid Alliance employee.
Chairman Owen Poole had a 66.5 per cent increase in directors fees to $106,000 from $63,666 in 2008.
Market commentators said that lamb prices paid to farmers during the year under review reached record levels.
Beef and venison prices were also exceptional.
- OTAGO DAILY TIMES
