NZX CEO Pay Report 2026
A comprehensive analysis of chief executive compensation across 99 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. 2026 edition, published 20 October 2026; figures frozen from a snapshot taken 20 October 2026 of data last updated 19 October 2026 by NZXplorer.
Key Findings
- Median NZX CEO pay: $1.09M
- Nil pay movement (±0.5%): 1 CEOs (1%)
- STI incidence: 67% of CEOs received a short-term bonus
- LTI incidence: 39% of CEOs received a long-term incentive grant
- Highest:lowest pay ratio: 20x
- 9 CEOs earned above-median pay with negative ROE
- 8 CEOs delivered ROE >15% while earning below median
Executive Summary
The median NZX CEO earned $1.09M in total compensation, with the average at $1.44M. The combined CEO payroll across all 99 companies totalled $142.78M.
The highest-paid NZX CEO earned $8.31M (ATM), while the lowest-paid earned $411K. The ratio between the highest and lowest is 20x.
Year-over-year, average CEO pay increased by 30.1%. 53 CEOs received pay rises, while 40 saw reductions.
67% of CEOs received short-term incentives (median: $289K), while only 39% received long-term incentive grants (median: $323K).
9 CEOs earned above-median compensation while their company reported negative ROE. Conversely, 8 CEOs delivered ROE above 15% while earning below the median.
CEO Demographics
| Company | CEO | Age | International Experience | Professional Memberships |
|---|---|---|---|---|
| Rod Duke | 68 | Australia | — | |
| Andrew Reding | 67 | United States | — | |
| Andy Borland | 64 | China | — | |
| Alexander Peter Gibbons | 64 | — | CAANZ | |
| Josef Roberts | 64 | Australia | — | |
| Stuart Harrison | 61 | Australia, Canada | FCAANZ | |
| Stephen Guerin | 60 | — | CMInstD, CAANZ | |
| Scott Pritchard | 58 | — | CMInstD | |
| Dr Hartley Atkinson | 57 | Switzerland | — | |
| David Mair | 56 | — | — | |
| Todd Dawson | 56 | — | — | |
| Jolie Hodson | 56 | — | FCAANZ | |
| Aiden Keegan | 52 | — | — | |
| David Bortolussi | 51 | Australia, China, Southeast Asia, United Kingdom, United States | FCA, FFIN, MAICD | |
| Don Braid | 50 | — | — | |
| Peter Tompkins | 49 | Australia | — | |
| Todd Hunter | 48 | — | CA | |
| Anthony Miller | 47 | Australia, Hong Kong | — | |
| Brent Douglas King | 46 | — | CA | |
| Miles Hurrell | 45 | Europe, United States, Middle East, Africa, Russia | — |
Showing up to 20 CEOs with demographic data. Based on director demographics extracted from annual reports and public sources.
Pay Distribution
Based on total remuneration as disclosed in annual reports. Includes base salary, short-term incentives, long-term incentives, and other benefits.
Pay vs Performance
Each dot represents one NZX CEO. Hover for details. Click to view company profile.
Median CEO Pay by Sector
Year-over-Year Pay Changes by CEO
Sorted by change magnitude. Green = pay increase, red = pay decrease.
CEO Pay vs Company Size (Market Cap)
Larger companies generally pay more, but outliers reveal interesting pay-for-size dynamics.
CEO Pay vs Company Revenue
Revenue is the most common size metric used in compensation benchmarking. Outliers may indicate sector-specific pay norms.
Top 20 Highest-Paid NZX CEOs
| # | Company | CEO | Age | Intl | Sector | Total Pay | Base | YoY | ROE | 1Y TSR |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | David Bortolussi | 51 | 5 countries | Consumer Staples | $8.31M | $2.1M | +819.8% | 19.3% | -7.7% | |
| 2 | John Cullity | — | 2 countries | Healthcare | $6.44M | $1.6M | +293.0% | 7.9% | -18.4% | |
| 3 | Miles Hurrell | 45 | 5 countries | Consumer Staples | $6.11M | $2.5M | +22.4% | 41.6% | +48.5% | |
| 4 | Lewis Gradon | — | — | Healthcare | $5.12M | $1.8M | -8.7% | 19.9% | +25.3% | |
| 5 | S Elliott | — | — | Financials | $4.10M | — | -16.3% | 8.2% | +13.2% | |
| 6 | Rhys Jones | 44 | 1 country | Materials | $3.88M | $1.5M | +210.7% | 9.3% | -11.3% | |
| 7 | Don Braid | 50 | — | Industrials | $3.26M | $3.0M | +12.2% | 11.7% | +5.6% | |
| 8 | Mike Fuge | — | — | Utilities | $2.82M | $1.4M | +15.8% | — | -6.7% | |
| 9 | Todd Hunter | 48 | — | Consumer Discretionary | $2.80M | $960K | +98.3% | 12.0% | -9.0% | |
| 10 | Greg Foran | — | — | Industrials | $2.77M | $2.2M | -33.8% | -14.4% | -33.6% | |
| 11 | Peter Tompkins | 49 | 1 country | Industrials | $2.69M | $1.6M | +73.7% | — | — | |
| 12 | Jason Walbridge | — | 1 country | Consumer Discretionary | $2.61M | $1.4M | -33.5% | 2.2% | -26.0% | |
| 13 | Leonard Sampson | — | — | Industrials | $2.60M | $1.2M | +34.0% | 6.7% | +8.4% | |
| 14 | Mike Roan | — | — | Utilities | $2.47M | $1.4M | -23.8% | -5.1% | -0.2% | |
| 15 | Scott Pritchard | 58 | — | Real Estate | $2.45M | $1.1M | +7.2% | -0.4% | -14.9% | |
| 16 | CEO | — | — | Healthcare | $2.45M | $921K | +108.4% | 4.8% | -20.0% | |
| 17 | Malcolm Johns | — | — | Utilities | $2.15M | — | +14.6% | — | +2.4% | |
| 18 | Carrie Hurihanganui | — | — | Industrials | $2.14M | $1.4M | +10.5% | 4.0% | -3.0% | |
| 19 | Naomi James | — | 1 country | Healthcare | $2.08M | $1.3M | +296.0% | -4.2% | -33.9% | |
| 20 | Mark Aue | — | — | Communication Services | $2.05M | $1.3M | — | 0.7% | -7.4% |
Year-over-Year Pay Changes
Pay Movement Distribution
Distribution of year-over-year total compensation changes across 93 CEOs with comparable data.
CEO Pay by Sector
| Sector | CEOs | Median Pay | Average Pay | Lowest | Highest |
|---|---|---|---|---|---|
| Utilities | 6 | $1.9M | $1.8M | $528K | $2.8M |
| Materials | 4 | $1.7M | $2.1M | $1.2M | $3.9M |
| Communication Services | 4 | $1.5M | $1.5M | $1.2M | $2.0M |
| Real Estate | 9 | $1.2M | $1.2M | $480K | $2.5M |
| Healthcare | 12 | $1.2M | $1.9M | $130K | $6.4M |
| Industrials | 19 | $1.1M | $1.4M | $209K | $3.3M |
| Information Technology | 6 | $1.0M | $1.1M | $411K | $1.7M |
| Consumer Discretionary | 13 | $1.0M | $1.1M | $156K | $2.8M |
| Financials | 12 | $906K | $1.1M | $411K | $4.1M |
| Consumer Staples | 13 | $671K | $1.7M | $145K | $8.3M |
| Energy | 1 | $570K | $570K | $570K | $570K |
CEO Pay by Company Revenue
Company size — measured by revenue — is typically the strongest predictor of CEO compensation.
| Revenue Band | CEOs | Median Pay | Average Pay | Lowest | Highest |
|---|---|---|---|---|---|
| < $50M | 15 | $459K | $511K | $145K | $1.2M |
| $50M – $100M | 7 | $500K | $645K | $210K | $1.5M |
| $100M – $500M | 32 | $1.1M | $1.2M | $475K | $2.8M |
| $500M – $1B | 11 | $1.6M | $1.8M | $650K | $3.9M |
| > $1B | 25 | $1.7M | $2.5M | $721K | $8.3M |
Revenue figures from most recent annual report (NZD thousands). 9 CEOs excluded due to missing revenue data.
Pay-for-Performance: Above-Median Pay, Negative Returns (9)
CEOs earning above the median ($1.1M) 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.
| Company | CEO | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|
| Greg Foran | $2.77M | -14.4% | -33.6% | |
| Mike Roan | $2.47M | -5.1% | -0.2% | |
| Scott Pritchard | $2.45M | -0.4% | -14.9% | |
| Naomi James | $2.08M | -4.2% | -33.9% | |
| Grant Watson | $1.72M | -5.0% | -13.3% | |
| Darrin Grafton | $1.49M | -22.0% | -56.5% | |
| Mark Malpass | $1.25M | -13.4% | -55.7% | |
| Peter Meintjes | $1.20M | -335.7% | +14.6% | |
| Sinan Altug | $1.13M | -3.8% | +82.4% |
High Performance, Lower Compensation (8)
CEOs delivering ROE above 15% while earning below the median ($1.1M).
| Company | CEO | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|
| Stephen Sinclair | $145K | 106.0% | +42.4% | |
| Tony Wai | $225K | 56.1% | -8.7% | |
| Dean Banks | $1.00M | 48.5% | +22.1% | |
| Christopher James Kinraid | $945K | 35.3% | +55.3% | |
| Andy Borland | $650K | 25.8% | +11.2% | |
| Nigel Gear | $550K | 20.0% | -8.6% | |
| Mark Peterson | $1.04M | 17.6% | +7.7% | |
| Josef Roberts | $770K | 16.6% | -2.9% |
Compensation Structure & Incentive Incidence
Incidence measures the proportion of CEOs receiving any payment in each category. Breakdown available for companies that disclose compensation components separately. Some companies report only total remuneration.
CEO Gender Pay Gap
Based on 88 CEOs with gender data (11 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.
CEO Education & Credentials
Pay by University Tier
| Tier | CEOs | Median Pay |
|---|---|---|
| Australian Go8 | 4 | $4.0M |
| Other NZ | 1 | $2.6M |
| NZ Major | 39 | $1.1M |
| Other International | 18 | $1.1M |
| Elite International | 7 | $1.0M |
Top Universities by Median CEO Pay
| University | CEOs | Median Pay | Avg Pay |
|---|---|---|---|
| University of Melbourne | 2 | $5.0M | $5.0M |
| Massey University | 6 | $1.8M | $1.8M |
| University of Waikato | 3 | $1.6M | $1.5M |
| Deakin University | 2 | $1.6M | $1.6M |
| Imperial College London | 2 | $1.6M | $1.6M |
| INSEAD | 3 | $1.4M | $1.5M |
| University of Auckland | 17 | $1.3M | $1.6M |
| Wharton School (UPenn) | 2 | $1.1M | $1.1M |
| Victoria University of Wellington | 6 | $1.1M | $1.6M |
| Cranfield University | 2 | $1.1M | $1.1M |
| University of Canterbury | 6 | $949K | $910K |
| University of Otago | 6 | $721K | $802K |
Minimum 2 CEOs per university. Based on 62 CEOs with disclosed education.
IoD Designation & Pay
| Designation | Level | CEOs | Median Pay |
|---|---|---|---|
| CMInstD | Chartered Member | 3 | $2.5M |
| MInstD | Member | 8 | $995K |
Professional Qualifications & Performance
| Qualification | Description | CEOs | Median Pay | Avg 1Y TSR |
|---|---|---|---|---|
| AICD | Australian Institute of Company Directors | 2 | $4.7M | +7.2% |
| LLB / Law | Law degree | 5 | $1.6M | +8.3% |
| Engineering | Engineering degree | 8 | $1.5M | -20.6% |
| NZ Honours | New Zealand Royal Honours | 1 | $1.3M | -7.9% |
| MBA | Master of Business Administration | 12 | $1.2M | +2.2% |
| PhD / Doctorate | Doctoral qualification | 4 | $1.2M | +30.1% |
| CA / FCA | Chartered Accountant | 13 | $1.0M | -0.6% |
Based on professional qualifications extracted from annual report biographies. Avg TSR reflects the average 1-year total shareholder return for companies led by CEOs with each qualification.
The Credentials Paradox
CEOs with elite credentials (Harvard/Stanford/Wharton/Oxford or IoD Chartered Fellow) earn a -8% pay premium ($1.0M vs $1.1M median). However, their companies average -3.7% 1Y TSR vs 19.5% for non-elite — suggesting credentials do not consistently predict shareholder returns.
For deeper analysis of university premiums, IoD designation effects, and the full credentials paradox, see CEO Pay Intelligence.
What's in a Name?
First names appearing 3 or more times among NZX CEOs. Not statistically significant — but fun.
| First Name | CEOs | Median Pay | Avg Pay | Companies |
|---|---|---|---|---|
| Mark | 7 | $1.2M | $1.4M | |
| Mike | 4 | $1.8M | $1.7M | |
| Paul | 4 | $428K | $578K | |
| David | 3 | $1.1M | $3.3M | |
| Peter | 3 | $1.6M | $1.8M | |
| Scott | 3 | $1.5M | $1.5M | |
| CEO | 3 | $1.2M | $1.3M | |
| Jason | 3 | $528K | $1.2M | |
| Simon | 3 | $1.0M | $907K | |
| Stuart | 3 | $563K | $805K |
Correlation is not causation. Your name does not determine your pay packet. Probably.
CEO Tenure, Pay & Performance
| Tenure | CEOs | Median Pay | Avg 1Y TSR | Avg ROE |
|---|---|---|---|---|
| 0-2 years | 28 | $1.0M | +75.5% | 12.6% |
| 3-5 years | 23 | $1.0M | -3.7% | -24.1% |
| 6-10 years | 17 | $1.2M | +2.6% | -3.8% |
| 10+ years | 18 | $1.2M | -3.1% | 7.2% |
Longest-Serving NZX CEOs
| Company | CEO | Tenure | Total Pay | 1Y TSR |
|---|---|---|---|---|
| Rod Duke | 38y | $1.8M | -9.9% | |
| Dr Hartley Atkinson | 29y | $1.1M | +21.5% | |
| Don Braid | 26y | $3.3M | +5.6% | |
| Michael Franks | 20y | $1.0M | +24.8% | |
| Darrin Grafton | 19y | $1.5M | -56.5% | |
| Josef Roberts | 19y | $770K | -2.9% | |
| Simon Mackenzie | 18y | $1.0M | -0.6% | |
| Grant Webster | 18y | $1.0M | +17.5% | |
| Peter Mence | 17y | $1.6M | -10.0% | |
| Nick Lissette | 14y | $935K | -78.6% |
Tenure measured from first year as CEO at current company. Company size and sector differences are not adjusted.
CEO Pay as Percentage of Market Capitalisation
CEO total compensation expressed as a percentage of company market capitalisation. Higher ratios suggest relatively higher pay relative to company size.
| # | Company | CEO | Total Pay | Market Cap | Pay/MktCap |
|---|---|---|---|---|---|
| 1 | Paul Forno | $188K | $1M | 17.86% | |
| 2 | Josef Roberts | $770K | $12M | 6.43% | |
| 3 | Aiden Keegan | $427K | $9M | 5.02% | |
| 4 | Ronald Baskind | $411K | $9M | 4.54% | |
| 5 | Nick Lissette | $935K | $23M | 4.10% | |
| 6 | Jason Cherrington | $528K | $13M | 4.09% | |
| 7 | Roger Gower | $291K | $8M | 3.78% | |
| 8 | Richard Milsom | $656K | $18M | 3.70% | |
| 9 | Lucien Law | $525K | $15M | 3.44% | |
| 10 | Justin Birch | $1.1M | $33M | 3.25% | |
| 11 | Paul Millward | $634K | $24M | 2.62% | |
| 12 | Simon Bennett | $480K | $20M | 2.35% | |
| 13 | Mark Malpass | $1.2M | $53M | 2.34% | |
| 14 | Edmond Capcelea | $209K | $10M | 1.99% | |
| 15 | Stephen Sinclair | $145K | $8M | 1.82% |
Above-Median Pay, Negative Total Shareholder Return (15)
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.
| Company | CEO | Total Pay | 1Y TSR | ROE |
|---|---|---|---|---|
| Darrin Grafton | $1.49M | -56.5% | -22.0% | |
| Mark Malpass | $1.25M | -55.7% | -13.4% | |
| Gary Miles | $1.73M | -43.8% | 8.6% | |
| Scott Scoullar | $1.52M | -37.5% | 7.8% | |
| Naomi James | $2.08M | -33.9% | -4.2% | |
| Greg Foran | $2.77M | -33.6% | -14.4% | |
| Jason Walbridge | $2.61M | -26.0% | 2.2% | |
| CEO | $2.45M | -20.0% | 4.8% | |
| John Cullity | $6.44M | -18.4% | 7.9% | |
| Scott Pritchard | $2.45M | -14.9% | -0.4% | |
| Mark Troughear | $1.65M | -14.7% | 16.0% | |
| Grant Watson | $1.72M | -13.3% | -5.0% | |
| Andrew Reding | $1.46M | -12.1% | 5.8% | |
| Rhys Jones | $3.88M | -11.3% | 9.3% | |
| Peter Mence | $1.55M | -10.0% | 9.6% |
What Next?
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 NZX CEOs
Methodology
Scope: This report covers 99 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.
2026 edition, published 20 October 2026; figures frozen from a snapshot taken 20 October 2026 of data last updated 19 October 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.