By Andrew Starke
Foster’s Group CEO Ian Johnston will not receive any increase to his fixed salary in the current financial year.
Australia’s largest brewer said in its 2009 annual report that only two senior executives were expected to receive an increase in fixed remuneration for the year ending June 30, 2010.
"The CEO will not receive an increase in the current year," the report said. "For senior management more broadly, most salaries will remain unchanged in the year ending June 30, 2010."
Last year, Johnston – who was appointed as CEO in September 2008 – received a total of $3.25 million in fixed remuneration (cash, superannuation and shares) and incentive payments.
"The board has agreed that there will be no change to Ian’s fixed remuneration for the coming year – it will remain $1,800,000 per annum, as set at the time of his appointment," Foster’s said.
The company also gave notice that its AGM will be held at the Plaza Ballroom of the Brisbane Convention and Exhibition Centre on Wednesday October 21 at 10.30am.
Shares in Foster’s were trading at $5.58 at midday today (Sep 16), up from $5.44 seven days ago.