IT was an executive salary rise of a different kind, chalked up to increasing fuel and hangar costs.
The bulk of the by $320,000 rise in Westfield chairman Frank Lowy’s salary was due to the costs of running the company’s private jet.
One of perks Mr Lowy is entitled to – as part of his $16.2million salary – is up to 75 hours of “private use” flying time in the company jet.
Yesterday, the company’s annual report showed that Mr Lowy, the founder of the world's biggest shopping centre empire, clocked up more than $1 million of flying costs in the jet.
“Fuel costs rose, hangar costs rose," Westfield corporate affairs director, Mark Ryan, said.
Mr Lowy earned a base salary of $8 million and a cash bonus of $7 million, with the balance in non-monetary benefits, The Australian reported.
Westfield, which reported a bottom-line loss of $2.2 billion as property values around the world tumbled, has seen its share price drop from more than $23 two years ago to $10.47 yesterday.
In November, Westfield froze remuneration for its senior management, of which their British managing director Michael Gutman was the highest paid at $4.36 million last year.
Read more about the Westfield annual report in The Australian.
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