[25 September/ New Zealand Herald]

Fonterra Chief Executive Theo Spierings was paid $8.32 million in 2017 – an annual increase of 78.5 percent. This makes Mr Spierings the highest paid Chief Executive of any listed company or fund in New Zealand. Mr Spierings was paid a base salary of $2.463m, benefits of $170,036, short-term incentive pay of $1.832m and long-term incentive pay of $3.855m. This salary equates to $160,000 per week. Dairy Industry Group Chairman and National Board Member for Federated Farmers said Mr Spiering’s pay was based on performance incentives and he must have performed at that level for the board to have provided the steep rise. In 2016, Fonterra’s highest paid employee received $4.66m.