April 03, 2024
Executive pay gap growing
The Council of Trade Unions wants the support of iwi leaders in the battle for pay equity.
Vice president Māori Syd Keepa says New Zealand’s top chief executives are being paid more than ever while a recession goes on everywhere else.
A New Zealand Herald survey has found the country’s highest-paid CEO, John Cullity from listed medical supplies company Ebos, received a record $8.42m for remuneration.
Chief executive remuneration packages increased by an average of 3.58 per cent in the 2023 financial year, down from nearly 15 per cent the previous year.
Mr Keepa says there’s a level of concern among iwi.
“I don’t think a lot could be done with the Governemnt we’ve got in power now – they give rich landlords a big tax break but they won’t bring up the pay rates of those people on the bottom, on the floor,” he says.
Mr Keepa says the Government only wants to meet with businesses groups, but the CTU has 320,000 members.