Port chief due another $1m pay
Lyttelton Port Company chief executive Peter Davie will receive another big pay package in the 2013 financial year similar to his $1.02 million salary this year.
The company yesterday provided a breakdown of its chief executive's $1.02m salary package for the June 2012 year.
Davie's $1.02m salary generated disquiet last week when it was revealed it was nearly $600,000 more than the year before and contained a large long term bonus payment.
It is the long-term bonus which will boost Davie's package again for the June 2013 year.
LPC said Davie had achieved its "stretch" target in the June 2011 and June 2012 years. The bonuses are paid in the following year.
He was paid a long-term bonus of $396,900 in the June 2012 year for the year before, and would earn another long- term bonus of a similar size for the June 2013 year.
The long-term bonus is 90 per cent of his base salary.
He gets that 90 per cent if earnings-a-share growth over a rolling three-year period reachs 16 per cent average compounding a year.
LPC said the 16 per cent "stretch" growth was achieved in the June 2011 and June 2012 years.
Davie has not been paid a long-term incentive bonus before 2012, only short-term bonuses since his pay scheme was set up in 2008. His 2012 $1.02m salary comprised a base salary of $454,200, a short-term bonus payment of $169,785 and a long-term bonus payment of $396,900.
LPC chairman Rodger Fisher said the board was clarifying Davie's salary after community interest.
LPC had shown its ability to perform under difficult circumstances after the earthquakes.
The chief executive had taken on a greater leadership role since the earthquakes.