The New Zealand Herald has revealed some interesting figures about executive pay. For example the chief executive of Sealords had a 231 per cent increase last year, to $1.56 million after a one-off superannuation scheme contribution.

Meanwhile, however, Sealord is laying off around 160 of its factory staff, and have indicated that they may close their Nelson processing plant in the near future unless staff agree to what is effectively a $70 a week cut in wages across the board. Air New Zealand CEO Robert Fyfe saw his pay package increase by 93 per cent from $1.61 million to $3.1 million in the company’s 2008 financial year, yet pay negotiations with staff have led to workers taking industrial action and subsequently being suspended by the airline. The Standard called the levels of executive pay “obscene” commenting sarcastically;

With the economy in free fall and people’s jobs increasingly at risk from National’s startlingly inadequate response to the crisis it’s good to see that the country’s business leaders tightening their belts like the rest of us.

Guinness Peat Group executive director Tony Gibbs has had 59 per cent pay cut, but is still paid $2.82 million a year- down from $6.9 million. Telecom, New Zealand’s biggest listed company, has the highest paid executive with boss Paul Reynolds on $4.79 million. There are now a record 26 New Zealand executives who earn over $1 million a year - up from 16 last year. The average top executive now earns $1.29 million - 29 times the median income of full-time salary and wage earners of $44,200.