NZX Director Remuneration Guide FY2025

Q: How much did NZX directors earn in FY2025?

The average NZX director fee in FY2025 was approximately $128,362 per year across 617 directors at 118 companies.

Q: What was the highest director fee on the NZX in FY2025?

The highest director fee recorded in FY2025 was $1,574,985.

Q: Do NZX directors get paid extra for committee work?

Yes, most NZX directors receive additional fees for chairing or serving on board committees such as Audit & Risk, Remuneration, and Nomination committees. Committee chair fees typically range from $10,000 to $25,000 annually.

NZXplorer

Insights/Director Pay/FY2025

NZX Director Pay FY2025

Board remuneration across 118 NZX-listed companies

FY2024 All Years

We analyzed remuneration data from 617 directors across 118 NZX-listed companies for financial year 2025.

$128,362

Average Fee

$108,694

Median Fee

$1,574,985

Highest Fee

617

Directors

Top Earning Directors (FY2025)

Highest paid board members in FY2025 — 742 fee records across 118 companies

Rank	Director	Company	Total Fee
1	Michael Daly	KMD Brands Limited (KMD)	$1,574,985
2	Glenn Milnes	ikeGPS Group Limited (IKE)	$1,225,723
3	James Richard Glasson	Hallenstein Glasson Holdings Limited (HLG)	$934,000
4	Nick Lissette	Black Pearl Group Limited (BPG)	$772,588
5	Josef Roberts	Burger Fuel Group Limited (BFG)	$770,399
6	Warren James Bell	Hallenstein Glasson Holdings Limited (HLG)	$718,000
7	Paul Robinson	Savor Limited (SVR)	$650,000
8	Lucien Law	Savor Limited (SVR)	$610,000
9	Peter McBride	Fonterra Co-operative Group Limited (FCG)	$493,925
10	Brent Douglas King	General Capital Limited (GEN)	$455,176
11	Elizabeth Coutts	EBOS Group Limited (EBO)	$440,500
12	Carl Storm	WasteCo Group Limited (WCO)	$439,000
13	David McDonald	Being AI (BAI)	$438,000
14	Albertus Johannes Smith	TradeWindow Holdings Limited (TWL)	$437,374
15	David Moffatt	Ventia Services Group Limited (VNT)	$424,966
16	Mark Menhinnitt	Downer EDI Limited (DOW)	$424,068
17	Paul Forno	Being AI (BAI)	$421,000
18	David (Yusuke) Sena	2 Cheap Cars Group Limited (2CC)	$415,090
19	Ronald Ivor Baskind	Enprise Group Limited (ENS)	$411,000
20	Holly Kramer	ANZ Group Holdings Limited (ANZ)	$393,296

Director Pay by Sector (FY2025)

Average director fees across industries

1

Materials$159,137

39 fee records

2

Utilities$156,453

50 fee records

3

Consumer Discretionary$150,021

82 fee records

4

Communication Services$141,128

28 fee records

5

Healthcare$132,583

77 fee records

6

Consumer Staples$129,041

83 fee records

7

Industrials$127,791

133 fee records

8

Information Technology$119,680

40 fee records

9

Energy$111,991

8 fee records

10

Financials$109,277

99 fee records

Director Fee Ranges (FY2025)

$10,616

Minimum Fee

Smaller companies, partial year

$108,694

Median Fee

Typical mid-cap company

$1,574,985

Maximum Fee

Large cap chair/committee roles

Key Insights — FY2025

1

Chair Premium

Board chairs earn approximately 61% more than regular directors on average, reflecting their leadership responsibilities.

2

Coverage

FY2025 covers 742 fee records across 617 directors at 118 companies.

3

Sector Variation

Materials pays the highest average director fees at $159,137. Financials pays the least at $109,277.

Research Director Pay on NZXplorer

Company Profiles: Visit any company page to see director fees in the board composition section.
Director Profiles: View individual director profiles to see remuneration across all board positions.
CEO Pay vs Returns: Check our CEO Pay vs Returns analysis to see if director pay aligns with performance.
All Years: View all annual reports to compare trends over time.

Data sourced from NZX company annual reports. Data last updated: 20 October 2026.

Related Insights

Compensation Benchmarks

Board fee and executive pay percentiles by sector and market cap

Chair Remuneration Benchmarking

Chair premium vs NED fees by sector, market cap, and gender. Per-company outlier detection. First chair pay analysis in NZ.

Board Fee Trends: Above & Below Average

Which NZX companies consistently pay above or below market rates for director fees over time?

Data sourced from publicly available records. Our datasets may not be complete. Automated analysis can produce errors. 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.

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