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Which universities produce the highest-paid CEOs? Do IoD credentials translate to shareholder returns? Does CEO tenure predict stock performance? We analyse 109 CEO compensation packages across every dimension the data allows.
The Institute of Directors NZ offers three tiers of designation: Member (MInstD), Chartered Member (CMInstD), and Chartered Fellow (CFInstD). Does holding one correlate with higher pay — or better results?
| Designation | Level | CEOs | Median Pay |
|---|---|---|---|
| CMInstD | Chartered Member | 4 |
Of 109 NZX CEOs with compensation data, 5 are women (5%) and 98 are men. 6 have undisclosed gender.
| Company | CEO | Sector | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|---|
Does a longer-serving CEO produce better shareholder outcomes? We analyse 82 CEOs with tenure data across four cohorts, overlaying pay, ROE, and total shareholder return.
| Tenure | CEOs | Median Pay | Avg Pay | Avg 1Y TSR | Avg ROE |
|---|---|---|---|---|---|
| 0-2 years | 21 | $1.0M | $1.1M | +135.6% | -14.1% |
| 3-5 years | 25 | $656K | $1.3M | -4.7% | -5.5% |
| 6-10 years | 20 | $1.3M |
Do elite credentials — Ivy League or Oxbridge degrees, or IoD Chartered Fellow status — translate to superior shareholder outcomes? Or do they primarily translate to higher pay?
Despite commanding a 9% pay premium, CEOs with elite credentials do not deliver superior shareholder returns in this dataset (avg 1Y TSR: -7.3% vs 29.0% for non-elite). This echoes the broader "credentials paradox" observed in NZX board data: the most credentialed boards tend to underperform the least credentialed. Boards and shareholders may want to consider whether they are paying for credentials or for results.
Note: Correlation does not imply causation. CEO performance depends on many factors including market conditions, sector dynamics, board support, and strategic context. Small sample sizes limit statistical significance.
CEOs earning above the median ($1.1M) while their company reported negative ROE.
Negative returns may reflect market conditions, sector trends, or strategic investments. Compensation may reflect multi-year contracts or non-financial KPIs.
All 109 CEOs ranked by total compensation, with every dimension surfaced.
| # | Company | CEO | Pay | 1Y TSR |
|---|---|---|---|---|
| 1 | Theo Spierings | $8.3M |
Scope: 109 NZX-listed companies with disclosed CEO compensation. Data sourced from annual reports filed with the NZX as at 10 April 2026.
University data: Extracted from director biographies via AI (Claude Haiku). Normalised to canonical names via NZXplorer's university normalization engine (70+ mappings). Tier classification: "Elite International" (Ivy League, Oxbridge, INSEAD, LBS), "NZ Major" (8 NZ universities), "Australian Go8" (Group of Eight), "Other". Coverage: 71 of 109 CEOs (65%).
IoD designations: Classified from biographies using regex pattern matching. Three tiers: Member (MInstD), Chartered Member (CMInstD), Chartered Fellow (CFInstD). Coverage: 12 CEOs (11%).
Gender: Determined from annual reports and public biographical information. Coverage: 103 of 109 (94%).
CEO tenure: Calculated from earliest appearance in NZX management team disclosures. Data coverage begins ~2010 for most companies. 82 CEOs with tenure data (75%).
Total shareholder return (TSR): Trailing 1-year and 3-year returns including dividends and price appreciation.
Limitations: University and IoD data depends on biography disclosure quality. Compensation normalisation handles $000s variants but automated extraction may occasionally miscategorise components. Small cohort sizes limit statistical significance for some comparisons. Correlation does not imply causation.
Published 10 April 2026 by NZXplorer. For informational purposes only. Not investment or financial advice. If you believe any data is incorrect, contact hello@nzxplorer.co.nz.
Interactive scatter plot comparing CEO total compensation against ROE, revenue growth, and margins for NZX companies
Annual CEO compensation analysis with pay-for-performance alignment
Board fee and executive pay percentiles by sector and market cap
Data sourced from NZX annual reports, director biographies, and executive compensation disclosures. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
| +9% |
| NZ Major | 41 | $1.1M | $1.4M | +0% |
| Other International | 24 | $1.0M | $1.3M | -4% |
| No university disclosed | 38 | $671K | $1.3M | -38% |
"Elite International" includes Harvard, Stanford, Wharton, Oxford, Cambridge, INSEAD. "NZ Major" includes UoA, Massey, Canterbury, Otago, Victoria, Waikato, AUT, Lincoln. "Australian Group of Eight" includes Melbourne, Sydney, ANU, Queensland, Monash, UNSW, UWA, Adelaide — Australia's Group of Eight research universities. Some CEOs appear in multiple tiers if they attended universities in different tiers.
| University | CEOs | Median Pay | Highest | Companies |
|---|---|---|---|---|
 London Business School | 2 | $4.3M | $6.1M | FCG, FWL |
 INSEAD | 4 | $1.8M | $6.1M | FCG, VNT, AIA, AFI |
 Massey University | 6 | $1.8M | $3.9M | WCO, CVT, AIA, PCT, PGW, VSL |
 University of Waikato | 3 | $1.6M | $2.2M | TGG, FRW, GNE |
 Deakin University | 2 | $1.6M | $2.7M | DOW, AOF |
 Imperial College London | 2 | $1.2M | $1.2M | IKE, SPG |
 University of Auckland | 17 | $1.2M | $5.3M | WCO, PEB, PEB, ARG, SPK, SMI, FPH, NPH, TRA, TRA, ANZ, GNZ, HGH, VGL, DGL, GXH, RBD |
 Wharton School (UPenn) | 2 | $1.1M | $1.2M | VCT, NZM |
 University of Canterbury | 6 | $1.1M | $1.6M | GEN, STU, HLG, PFI, ALF, SKT |
 Victoria University of Wellington | 6 | $1.1M | $3.9M | BPG, MFB, SUM, THL, NZX, VSL |
 Cranfield University | 2 | $883K | $1.1M | FBU, NZK |
 University of Otago | 7 | $721K | $1.1M | AFT, SAN, CMO, CMO, RAD, LIC, CHI |
 Harvard University | 2 | $656K | $656K | ALF, ALF |
| $1.3M |
| MInstD | Member | 8 | $995K |
| 11 |
| $1.2M |
| +15% |
| LLB / Law | 7 | $1.2M | +8% |
| PhD / Doctorate | 4 | $1.2M | +7% |
| MBA | 14 | $1.2M | +6% |
| CA / FCA | 15 | $1.0M | -4% |
| AICD | 3 | $1.0M | -8% |
Qualifications extracted from director biographies. A CEO may hold multiple qualifications and appear in more than one row. "vs Overall" compares against the overall median of $1.1M. CA = Chartered Accountant, FCA = Fellow CA, GAICD/FAICD = Graduate/Fellow of Australian Institute of Company Directors, ONZM/CNZM = Officer/Companion of NZ Order of Merit.
| Carrie Hurihanganui |
| Industrials |
| $2.14M |
| 4.0% |
| +5.7% |
| Naomi James | Healthcare | $2.08M | -10.3% | -22.7% |
| Sophie Moloney | Communication Services | $1.65M | 4.6% | -1.7% |
| Jolie Hodson | Communication Services | $1.30M | 17.1% | -20.2% |
| Rachael Newfield | Healthcare | $895K | — | +99.0% |
Gender determined from annual reports and public biographical information. Not all CEOs have disclosed gender in available data sources.
| $2.2M |
| -1.3% |
| -6.8% |
| 10+ years | 21 | $1.2M | $2.1M | -4.3% | 2.9% |
Tenure calculated from the earliest year the CEO appears in annual report disclosures. Some CEOs may have started before our data coverage begins (2010).
| # | Company | CEO | Tenure | Total Pay |
|---|---|---|---|---|
| 1 | Rod Duke | 38 yrs | $1.77M | |
| 2 | Dr Hartley Atkinson | 29 yrs | $1.09M | |
| 3 | Don Braid | 26 yrs | $3.26M | |
| 4 | Michael Franks | 20 yrs | $1.00M | |
| 5 | Darrin Grafton | 19 yrs | $1.49M | |
| 6 | Andy Borland | 19 yrs | $650K | |
| 7 | Josef Roberts | 19 yrs | $770K | |
| 8 | Grant Webster | 18 yrs | $1.00M | |
| 9 | Simon Mackenzie | 18 yrs | $1.00M | |
| 10 | Peter Mence | 17 yrs | $1.55M |
| -4.2% |
| Antony Mark Turnbull | — | $2.42M | -1.3% | -25.4% |
| Naomi James | 2y | $2.08M | -10.3% | -22.7% |
| Stuart Dickinson | 4y | $1.72M | -0.4% | -19.0% |
| Grant Watson | — | $1.72M | -5.0% | -48.3% |
| Darrin Grafton | 19y | $1.49M | -22.0% | -46.7% |
| Daniel Bracken | 8y | $1.45M | -0.3% | +3.8% |
| Mark Malpass | — | $1.25M | -13.4% | -54.8% |
| Peter Meintjes | 4y | $1.20M | -114.8% | +53.6% |
| Sinan Altug | — | $1.13M | -3.8% | +82.4% |
CEOs delivering ROE above 15% while earning below the median ($1.1M).
| Company | CEO | Tenure | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|---|
| Tony Wai | — | $456K | 62.5% | +2.7% | |
| James Glasson | 1y | $934K | 35.3% | +3.1% | |
| Dean Banks | — | $1.00M | 34.9% | +22.7% | |
| Greg Smith | — | $572K | 26.1% | +1.1% | |
| Matthew Geoffrey Hill | — | $288K | 25.9% | -82.1% | |
| Mark Peterson | 9y | $1.04M | 17.6% | -7.2% | |
| Stuart Bilbrough | — | $130K | 17.4% | +31.9% | |
| Asantha Wijeyeratne | 11y | $426K | 16.3% | -9.4% | |
| Yusuke Sena | — | $411K | 15.7% | +21.4% |
| 2 | David Bortolussi | $8.3M | -11.4% |
| 3 | John Cullity | $6.4M | -24.3% |
| 4 | Miles Hurrell | $6.1M | -28.3% |
| 5 | Shayne Elliott | $5.3M | +3.6% |
| 6 | Lewis Gradon | $5.1M | +11.3% |
| 7 | Nick Grayston | $4.2M | -27.5% |
| 8 | Rhys Jones | $3.9M | -28.3% |
| 9 | Don Braid | $3.3M | +7.3% |
| 10 | Mike Fuge | $2.8M | -1.1% |
| 11 | Todd Hunter | $2.8M | +16.0% |
| 12 | Greg Foran | $2.8M | -25.0% |
| 13 | Peter Tompkins | $2.7M | +0.0% |
| 14 | Jason Walbridge | $2.6M | -21.0% |
| 15 | Mike Roan | $2.5M | -4.2% |
| 16 | Antony Mark Turnbull | $2.4M | -25.4% |
| 17 | Scott Pritchard | $2.3M | -13.8% |
| 18 | Malcolm Johns | $2.2M | +5.6% |
| 19 | Carrie Hurihanganui | $2.1M | +5.7% |
| 20 | Naomi James | $2.1M | -22.7% |
| 21 | Mark Aue | $2.0M | +17.7% |
| 22 | Chris Meehan | $2.0M | -35.2% |
| 23 | Leonard Sampson | $1.9M | +8.9% |
| 24 | Rod Duke | $1.8M | -10.7% |
| 25 | Clive Mackenzie | $1.7M | -8.7% |
| 26 | Gary Miles | $1.7M | -57.2% |
| 27 | Stuart Dickinson | $1.7M | -19.0% |
| 28 | Grant Watson | $1.7M | -48.3% |
| 29 | Sophie Moloney | $1.6M | -1.7% |
| 30 | Mark Troughear | $1.6M | +2.8% |
| 31 | Peter Mence | $1.6M | -17.0% |
| 32 | Scott Scoullar | $1.5M | -25.2% |
| 33 | Darrin Grafton | $1.5M | -46.7% |
| 34 | Daniel Bracken | $1.4M | +3.8% |
| 35 | Mark Freeman | $1.4M | +19.9% |
| 36 | Stephen Guerin | $1.4M | +0.9% |
| 37 | James Spence | $1.4M | -4.4% |
| 38 | Jolie Hodson | $1.3M | -20.2% |
| 39 | Paul Johnston | $1.3M | +1.4% |
| 40 | Mark Malpass | $1.2M | -54.8% |
| 41 | Simon Woodhams | $1.2M | -2.3% |
| 42 | Vince Hawksworth | $1.2M | +5.4% |
| 43 | Glenn Milnes | $1.2M | +24.7% |
| 44 | Peter Meintjes | $1.2M | +53.6% |
| 45 | Philip Littlewood | $1.2M | -18.9% |
| 46 | Michael Boggs | $1.2M | +8.2% |
| 47 | Steven Carden | $1.2M | -6.7% |
| 48 | Brent Pattison | $1.2M | -2.6% |
| 49 | Sinan Altug | $1.1M | +82.4% |
| 50 | Mike Christman | $1.1M | -15.0% |
| 51 | Mark Winter | $1.1M | +23.9% |
| 52 | Andrew Reding | $1.1M | +5.0% |
| 53 | Arif Khan | $1.1M | +42.3% |
| 54 | Dr Hartley Atkinson | $1.1M | +18.6% |
| 55 | Justin Birch | $1.1M | -48.9% |
| 56 | David Kenneson | $1.1M | -49.0% |
| 57 | David Mair | $1.1M | +14.2% |
| 58 | Mark Peterson | $1.0M | -7.2% |
| 59 | Graham Leaming | $1.0M | +19.1% |
| 60 | Brentley Scrimshaw | $1.0M | +486.7% |
| 61 | Dean Banks | $1.0M | +22.7% |
| 62 | Michael Franks | $1.0M | +5.6% |
| 63 | Grant Webster | $1.0M | +20.2% |
| 64 | Gareth Edgecombe | $1.0M | +8.6% |
| 65 | Anthony Miller | $1.0M | -1.0% |
| 66 | Simon Mackenzie | $1.0M | +1.1% |
| 67 | Nick Lissette | $935K | -46.9% |
| 68 | James Glasson | $934K | +3.1% |
| 69 | Todd Dawson | $913K | +11.6% |
| 70 | Rachael Newfield | $895K | +99.0% |
| 71 | Andrew Dixson | $811K | +15.5% |
| 72 | Josef Roberts | $770K | -4.4% |
| 73 | Alexander Peter Gibbons | $721K | -8.2% |
| 74 | Carl Carrington | $671K | +14.6% |
| 75 | Brett Hewlett | $660K | -3.4% |
| 76 | Richard Milsom | $656K | -22.8% |
| 77 | David Chin | $653K | +22.4% |
| 78 | Andy Borland | $650K | +10.1% |
| 79 | Scott Johnson | $606K | +0.0% |
| 80 | Andrew Peskett | $573K | +3.9% |
| 81 | Greg Smith | $572K | +1.1% |
| 82 | Rob Buchanan | $570K | +26.6% |
| 83 | Stuart Harrison | $563K | +17.6% |
| 84 | Nigel Gear | $550K | -7.1% |
| 85 | Jason Cherrington | $528K | -44.4% |
| 86 | Lucien Law | $525K | -26.2% |
| 87 | Patrick Brand | $514K | -16.4% |
| 88 | Greg Balla | $500K | -27.4% |
| 89 | Jason Adams | $482K | -12.3% |
| 90 | Simon Bennett | $480K | +3054.8% |
| 91 | Kerry Hitchcock | $462K | -20.9% |
| 92 | Brent Douglas King | $459K | +13.7% |
| 93 | Tony Wai | $456K | +2.7% |
| 94 | Albertus Johannes Smith | $437K | -52.0% |
| 95 | Aiden Keegan | $427K | -27.7% |
| 96 | Asantha Wijeyeratne | $426K | -9.4% |
| 97 | Damian Spring | $420K | -35.7% |
| 98 | Ronald Baskind | $411K | -23.7% |
| 99 | Yusuke Sena | $411K | +21.4% |
| 100 | Mark Hume Thornton | $292K | -18.8% |
| 101 | Roger Gower | $291K | -47.1% |
| 102 | Matthew Geoffrey Hill | $288K | -82.1% |
| 103 | Paul Naske | $221K | -17.1% |
| 104 | Edmond Capcelea | $209K | -28.6% |
| 105 | Craig Evans | $206K | +12.8% |
| 106 | Paul Forno | $188K | -87.2% |
| 107 | Stephen Sinclair | $145K | -31.9% |
| 108 | Stuart Bilbrough | $130K | +31.9% |
| 109 | Colin Randall | $117K | -23.7% |
