Directors Australia was delighted to be a research partner in the 2024 Australian Board Remuneration Survey. One of our service offerings is non-executive director remuneration advice. Survey data is one of the numerous inputs we use when providing this advice. Directors Australia Board and Governance Specialist, Joanne Peulen shares her insights on the 2024 Australian Boards Remuneration Survey.
Key insights:
- Around half of the boards surveyed made the decision to increase director remuneration levels in the 2023 calendar year. Of those that did, listed and private company directors reported fee increases of 8-9%, not for profit directors around 7.5% and unlisted directors 4%.
- Managing Directors and Chief Executive Officers of listed companies received average increases in fixed pay of 11-14%. On average, their counterparts in the private sector received increases of 8-9% and those at unlisted companies and not for profit organisations 5-7%.
- Comparison of the 2024 and 2023 Board Remuneration Survey results indicate that industry surveys and consultant benchmarking are increasingly the key criteria for boards when determining director remuneration levels. In fact, their reported utilisation by not for profit boards more than doubled year on year to 39%. Only private companies bucked this trend, with an increasing number (30%, 2024) reporting their key criteria for raising board remuneration is organisational performance.
If you would like to learn more about the 2024 Australian Board Remuneration Survey, or gain advice on the right level of remuneration for your board please contact us here or call 1300 890 267.
Joanne Peulen
Board and Governance Specialist
