A comprehensive analysis of chief executive compensation across 106 NZX-listed companies. Rankings, sector benchmarks, pay-for-performance alignment, and year-over-year trends.
Data sourced from company annual reports filed with the NZX. Published 31 March 2026 by NZXplorer.
The median NZX CEO earned $1.00M in total compensation, with the average at $1.43M. The combined CEO payroll across all 106 companies totalled $151.12M.
The highest-paid NZX CEO earned $8.32M (FSF), while the lowest-paid earned $339K. The ratio between the highest and lowest is 25x.
Year-over-year, average CEO pay increased by 157.6%. 41 CEOs received pay rises, while 42 saw reductions.
8 CEOs earned above-median compensation while their company reported negative ROE. Conversely, 6 CEOs delivered ROE above 15% while earning below the median.
Based on total remuneration as disclosed in annual reports. Includes base salary, short-term incentives, long-term incentives, and other benefits.
Each dot represents one NZX CEO. Hover for details. Click to view company profile.
Sorted by change magnitude. Green = pay increase, red = pay decrease.
Larger companies generally pay more, but outliers reveal interesting pay-for-size dynamics.
| Sector | CEOs | Median Pay | Average Pay | Lowest | Highest |
|---|---|---|---|---|---|
| Utilities | 6 | $1.9M | $1.8M | $550K | $2.8M |
| Communication Services | 4 | $1.5M | $1.5M | $1.2M | $2.0M |
| Materials | 5 | $1.2M | $1.0M | $420K | $1.3M |
| Real Estate | 11 | $1.2M | $1.1M | $222K |
CEOs earning above the median ($1.0M) while their company delivered negative ROE.
Note: Negative returns reflect many factors including market conditions, sector trends, and strategic investments. Compensation may reflect multi-year contracts, retention needs, or non-financial KPIs.
Breakdown available for companies that disclose compensation components separately. Some companies report only total remuneration.
Based on 106 CEOs with gender data (0 unknown). Gender gap reflects the raw difference in median total compensation between female and male CEOs. Company size, sector mix, and tenure differences are not adjusted.
| University | CEOs | Avg Pay |
|---|---|---|
| University of Auckland | 13 | $1.6M |
| University of Canterbury | 6 | $788K |
| Victoria University of Wellington | 5 | $1.1M |
| University of Otago | 5 | $843K |
| Massey University | 3 | $1.5M |
CEOs earning above the median while shareholders experienced losses exceeding 10% over the trailing 12 months.
Total shareholder return includes dividends and share price appreciation. Past performance is not indicative of future results.
Continue your analysis with these related reports
Interactive scatter plot comparing CEO total compensation against ROE, revenue growth, and margins for NZX companies
Deep analysis: university pay premiums, IoD designation effects, gender gap, tenure vs stock performance, and the credentials paradox across 80+ NZX CEOs
Scope: This report covers 106 NZX-listed companies with disclosed CEO compensation in their most recent annual report.
CEO identification: Executives with roles containing "Chief Executive", "CEO", or "Managing Director" are identified as the company CEO. Where a company had multiple CEOs in a year (due to succession), the highest-paid is used.
Total compensation: Includes base salary, short-term incentives (STI/bonus), long-term incentives (LTI/equity/options), and other benefits as disclosed. Some companies report only aggregate remuneration without component breakdown.
Return on Equity (ROE): Net profit after tax divided by total equity, from the most recent fiscal year with available data.
Total Shareholder Return (TSR): 1-year trailing return including dividends and share price appreciation.
Year-over-year changes: Compared against the same CEO role at the same company in the prior year where both data points are available.
Data extraction: AI-extracted from NZX annual reports using Claude Haiku. Values normalised to NZD. Automated extraction may occasionally miscategorise compensation components.
Published 31 March 2026. Data sourced from NZX company filings. Our datasets may not be complete and we are continuously updating and adding more data to the platform. If you believe any data in this report is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Data sourced from NZX annual reports 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.
| Andrew Reding |
| 67 |
| United States |
| — |
BFG BFG | Josef Roberts | 64 | Australia | — |
SCL SCL | Andy Borland | 64 | China | — |
MCK MCK | Stuart Harrison | 61 | Australia, Canada | FCAANZ |
PGW PGW | Stephen Guerin | 60 | — | CMInstD, CAANZ |
PCT PCT | Scott Pritchard | 58 | — | CMInstD |
MHJ MHJ | Daniel Bracken | 58 | Australia, United Kingdom | — |
AFT AFT | Dr Hartley Atkinson | 57 | Switzerland | — |
SKL SKL | David Mair | 56 | — | — |
SAN SAN | David Mair | 56 | — | — |
SPK SPK | Jolie Hodson | 56 | — | FCAANZ |
CCC CCC | Aiden John Keegan | 52 | — | — |
ATM ATM | David Bortolussi | 51 | Australia, China, Southeast Asia, United Kingdom, United States | FCA, FFIN, MAICD |
MFT MFT | Don Braid | 50 | — | — |
DOW DOW | Peter Tompkins | 49 | Australia | — |
TRA TRA | Todd Hunter | 48 | — | CA |
DGL DGL | Steven Carden | 48 | United States, Australia | — |
WBC WBC | Anthony Miller | 47 | Australia, Hong Kong | — |
GEN GEN | Brent Douglas King | 46 | — | CA |
Showing up to 20 CEOs with demographic data. Based on director demographics extracted from annual reports and public sources.
| David Bortolussi |
| 51 |
| 5 countries |
| Consumer Staples |
| $8.31M |
| $2.1M |
| — |
| — |
| +32.9% |
| 3 | EBO | John Cullity | — | 2 countries | Healthcare | $6.44M | $1.6M | +293.0% | 7.9% | -43.7% |
| 4 | FCG | Miles Hurrell | — | — | Consumer Staples | $6.11M | $2.5M | +22.4% | 12.9% | +29.3% |
| 5 | ANZ | Shayne Elliott | — | — | Financials | $5.27M | $2.5M | +10935.7% | 8.2% | +31.7% |
| 6 | FPH | Lewis Gradon | — | — | Healthcare | $5.12M | $1.8M | -8.7% | 19.9% | +1.9% |
| 7 | WHS | Nick Grayston | — | — | Consumer Discretionary | $4.22M | $1.4M | +1206.5% | -0.8% | -20.5% |
| 8 | MFT | Don Braid | 50 | — | Industrials | $2.90M | $2.9M | -23.2% | 13.8% | -12.2% |
| 9 | TWR | Blair Turnbull | — | 4 countries | Financials | $2.83M | $682K | +110.8% | 23.9% | +11.1% |
| 10 | CEN | Mike Fuge | — | — | Utilities | $2.82M | $1.4M | +15.8% | 12.0% | +4.6% |
| 11 | TRA | Todd Hunter | 48 | — | Consumer Discretionary | $2.80M | $960K | +98.3% | — | +32.3% |
| 12 | AIR | Greg Foran | — | — | Industrials | $2.77M | $2.2M | -33.8% | 6.5% | -23.4% |
| 13 | DOW | Peter Tompkins | 49 | 1 country | Industrials | $2.69M | $1.6M | +73.7% | 6.7% | +0.0% |
| 14 | SKC | Jason Walbridge | — | 1 country | Consumer Discretionary | $2.61M | $1.4M | -65.4% | 0.5% | -31.7% |
| 15 | MEL | Mike Roan | — | — | Utilities | $2.47M | $1.4M | -23.8% | -5.1% | -1.7% |
| 16 | PCT | Scott Pritchard | 58 | — | Real Estate | $2.29M | $823K | +1.1% | 0.6% | -15.0% |
| 17 | GNE | Malcolm Johns | — | — | Utilities | $2.15M | — | +14.6% | 5.7% | -5.2% |
| 18 | AIA | Carrie Hurihanganui | — | — | Industrials | $2.14M | $1.4M | +10.5% | 4.0% | +5.6% |
| 19 | CNU | Mark Aue | — | — | Communication Services | $2.05M | $1.3M | — | — | +25.2% |
| 20 | WIN | Chris Meehan | 32 | 1 country | Real Estate | $2.01M | $1.9M | +3.4% | 3.0% | -5.6% |
| $2.3M |
| Healthcare | 11 | $1.1M | $1.7M | $130K | $6.4M |
| Consumer Discretionary | 15 | $1.0M | $1.4M | $456K | $4.2M |
| Industrials | 21 | $913K | $1.2M | $117K | $2.9M |
| Consumer Staples | 14 | $835K | $2.1M | $210K | $8.3M |
| Information Technology | 6 | $791K | $956K | $292K | $1.7M |
| Financials | 12 | $734K | $1.3M | $392K | $5.3M |
| Energy | 1 | $570K | $570K | $570K | $570K |
| Stuart Dickinson |
| $1.72M |
| -0.4% |
| -51.9% |
| Michael Daly | $1.60M | -7.2% | -54.1% |
| Daniel Bracken | $1.45M | -0.3% | +7.1% |
| Mark Malpass | $1.25M | -13.4% | -40.8% |
| Sinan Altug | $1.13M | -3.8% | +94.2% |
| Dr Peter Meintjes | $1.13M | -114.8% | +60.4% |
| Greg Smith |
| $572K |
| 26.1% |
| +29.5% |
| Stuart Bilbrough | $130K | 17.4% | -9.6% |
| Asantha Wijeyeratne | $451K | 16.3% | +41.4% |
| David (Yusuke) Sena | $392K | 15.7% | -6.3% |
| University of Waikato |
| 2 |
| $1.4M |
| Imperial College London | 2 | $1.2M |
| Auckland University | 2 | $1.5M |
| University of Melbourne | 2 | $5.0M |
| Deakin University | 1 | $2.7M |
| North Carolina State University | 1 | $1.1M |
| University of Texas at Austin | 1 | $1.7M |
| Australian National University | 1 | $221K |
| University of the Free State | 1 | $437K |
| Flinders University | 1 | $525K |
Based on 63 CEOs with university data. Shows primary/highest qualification university where available.
| 5.67% |
| 4 | AGL AGL | Jason Cherrington | $550K | $10M | 5.41% |
| 5 | MEE MEE | Michael Kerr | $219K | $5M | 3.99% |
| 6 | SVR SVR | Lucien Law | $610K | $16M | 3.88% |
| 7 | ENS ENS | Ronald Baskind | $411K | $12M | 3.33% |
| 8 | ALF ALF | Richard Milsom | $656K | $22M | 3.04% |
| 9 | CCC CCC | Aiden John Keegan | $328K | $14M | 2.35% |
| 10 | MOV MOV | Paul Millward | $634K | $29M | 2.21% |
| 11 | RUA RUA | Paul Naske | $221K | $11M | 1.98% |
| 12 | WHS WHS | Nick Grayston | $4.2M | $250M | 1.69% |
| 13 | TRU TRU | Martin Dillon | $224K | $13M | 1.66% |
| 14 | BLT BLT | Brian Watson | $339K | $20M | 1.66% |
| 15 | CRP CRP | Colin Randall | $117K | $7M | 1.64% |
| John Cullity |
| $6.44M |
| -43.7% |
| 7.9% |
| Mark Malpass | $1.25M | -40.8% | -13.4% |
| Gary Miles | $1.73M | -39.7% | 8.6% |
| Jason Walbridge | $2.61M | -31.7% | 0.5% |
| Greg Foran | $2.77M | -23.4% | 6.5% |
| Scott Scoullar | $1.52M | -22.9% | 11.4% |
| Rod Duke | $1.77M | -22.0% | 20.2% |
| Nick Grayston | $4.22M | -20.5% | -0.8% |
| Scott Pritchard | $2.29M | -15.0% | 0.6% |
| Mark Peterson | $1.04M | -14.1% | 17.6% |
| Philip Littlewood | $1.20M | -13.6% | 2.3% |
| Jolie Hodson | $1.30M | -13.5% | 17.1% |
| Don Braid | $2.90M | -12.2% | 13.8% |
