NZX Director Pay: What Do Board Members Earn?
Complete guide to director remuneration across New Zealand listed companies
Board directors play a crucial role in corporate governance, providing strategic oversight and accountability. But how much do they get paid? We analyzed remuneration data from 532+ directors across 108 NZX-listed companies to bring you the definitive guide to director pay in New Zealand.
Understanding Director Remuneration
Director remuneration in New Zealand typically consists of several components:
Base Board Fee
The standard annual fee for serving on the board. Non-executive directors receive this for attending board meetings, reviewing materials, and providing strategic oversight.
Chair Premium
Board chairs typically receive 1.5x to 2x the base director fee, reflecting their additional responsibilities in leading the board and shareholder engagement.
Committee Fees
Additional fees for serving on or chairing committees such as Audit & Risk, Remuneration, Nomination, or Sustainability committees.
Other Benefits
May include travel allowances, insurance, professional development, or in some cases, equity-based compensation (though this is less common for non-executives).
Top Earning Directors (FY2025)
Highest paid board members across NZX-listed companies
| Rank | Director | Company | Total Fee |
|---|---|---|---|
| 1 | Michael Daly | $1,574,985 | |
| 2 | Glenn Milnes | $1,225,723 | |
| 3 | James Richard Glasson | $934,000 | |
| 4 | Nick Lissette | $772,588 | |
| 5 | Josef Roberts | $770,399 | |
| 6 | Warren James Bell | $718,000 | |
| 7 | Paul Robinson | $650,000 | |
| 8 | Lucien Law | $610,000 | |
| 9 | Peter McBride | $493,925 | |
| 10 | Brent Douglas King | $455,176 | |
| 11 | Asantha Wijeyeratne | $451,431 | |
| 12 | Elizabeth Coutts | $440,500 | |
| 13 | Carl Storm | $439,000 | |
| 14 | David (Yusuke) Sena | $415,090 | |
| 15 | Ronald Ivor Baskind | $411,000 | |
| 16 | Holly Kramer | $393,296 | |
| 17 | Dennis Peter Karp | $384,815 | |
| 18 | Justine Smyth | $381,700 | |
| 19 | Richard Gibb | $381,000 | |
| 20 | Christine O'Reilly | $381,000 |
Director Pay by Sector
Average director fees vary significantly across industries
Director Fee Ranges
Key Insights on NZX Director Pay
Chair Premium is Significant
Board chairs earn approximately 50% more than regular directors on average, reflecting their leadership responsibilities.
Committee Work Pays
Directors chairing Audit & Risk committees typically receive $15,000-$25,000 extra annually. Other committee chairs (Remuneration, Nomination) receive $8,000-$15,000.
Size Matters
Large-cap companies (market cap >$1B) pay significantly more than small-caps. Major banks and utilities offer the highest fees due to complexity and regulatory requirements.
Fees Are Rising
Director fees have increased steadily over the past 5 years, driven by increased governance responsibilities, regulatory requirements, and competition for talent.
How to Research Director Pay on NZXplorer
Finding Director Remuneration
- Company Profiles: Visit any company page to see director fees in the board composition section.
- Director Profiles: View individual director profiles to see their remuneration across all board positions.
- Insights: Check our Pay for Failure analysis to see if director pay aligns with company performance.
Data Sources
All remuneration data is sourced from official NZX company annual reports and disclosures. We update this data as new annual reports are published. See our methodology page for details.
Last updated: 6 March 2026. Data covers 532+ directors across 108 NZX-listed companies.
Disclaimer
Data sourced from NZX company annual reports. Our datasets may not be complete and we are continuously updating and adding more data to the platform. Automated analysis can produce errors — for example, partial-year appointments may affect fee figures, and role changes may not be reflected in the data.
If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz and we will review and correct it promptly.
This analysis is provided for informational and educational purposes only. Nothing on this page constitutes financial, investment, legal, or tax advice. Always conduct your own research and consult with qualified professionals before making any investment decisions.