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Mirvac’s director pay packets have come under fire from several investors who believe the chief executives are not worth what they are being paid.
The salaries of the company’s directors were given a boost yesterday, after 95 per cent of shareholders voted in favour of an increase in director remuneration at the annual general meeting.
However, more than one person present at AGM was not entirely thrilled by the decision to raise director salaries.
One shareholder called the options paid to directors ''exorbitant … for getting some pretty ordinary chief executives over the year''.
But Peter Hawkins, Mirvac’s head of the audit and remuneration committee, backed the decision to lift wages.
''We must attract and retain the best-quality people … we take remuneration very seriously to ensure we have the appropriate policies and people,'' Mr Hawkins said.
Mirvac had an operating profit of $200.75 million for 2008-09, down 43 per cent on the previous year. Its statutory result was a loss of $1.08 billion.
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