Telecom reveals Reynolds' pay ahead of annual report
Telecom boss's total remuneration for the financial year 2011 was more than $5 million.
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Telecom chief executive Paul Reynolds had a total remuneration of $5,185,574 for the 2011 financial year.
This compared with $2,988,111 for the 2010 financial year, $5,056,450 in the 2009 financial year and $3,042,568 in the 2008 financial year.
Chairman Wayne Boyd said Telecom had experienced a very strong year, with a 66% increase in adjusted net profit for the second half of the year, adjusted EBITDA growth for the first time since 2006 and company shares outperforming the NZX50 by 16%.
"As such, it is the view of the board that Dr Reynolds has more than achieved the objectives that were set for him and his team at the start of the financial year, and this is reflected in his remuneration for the period."
Mr Boyd also said that share rights granted three years ago and worth $583,333 had lapsed during the year, meaning Dr Reynolds would receive no value for them, as specified performance hurdles had not been met.
Mr Boyd said this as well as the variability in short term incentive value showed a large component of Dr Reynolds' remuneration package was at risk and correlated to Telecom's overall performance.
Dr Reynolds' total remuneration included base salary, performance-assessed short term incentive, and special payments.
Telecom's annual report for the 2011 financial year will be published mid-September.
Alex Walls
Fri, 09 Sep 2011
Fri, 09 Sep 2011
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Telecom reveals Reynolds' pay ahead of annual report
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