Crown execs paid more despite warning
Crown execs paid more despite warning

Casino operator Crown has made no changes to its executive pay policy despite the threat of a board spill in the event of another shareholder backlash.

Four of the company's six senior executives received a bigger pay package in the 2011/12 financial year, and all base salaries rose or remained the same as in 2010/11.

Crown's executive pay report for the 2010/11 financial year received a 55 per cent No vote from Crown shareholders, and a No vote of at least 25 per cent against the 2011/12 report would result in the majority of board positions being vacated and put up for re-election.

But Crown said in its 2011/12 annual report, released today, it had made no change to its pay policy and had instead focused on providing a clearer explanation of its pay structure.

"The Crown board remains confident that Crown's remuneration policy and the level and structure of its executive remuneration are suitable for the company and its shareholders," it said in the report.

Chief executive Rowen Craigie was paid $6.875 million in the 2011/12 financial year, including a bonus of $800,000, up from $600,000 in the previous year.

Mr Craigie's remuneration totalled $7.7 million in 2010/11, due to the inclusion of a $1 million benefit from the revaluation of share-based long-term incentives.

His base salary remained stable at $2.98 million in 2011/12.

Executive deputy chairman John Alexander's total remuneration also remained steady, at $1.5 million.

Chief financial officer Ken Barton, Crown Perth chief executive Barry Felstead, Crown Melbourne deputy chief executive Greg Hawkins and executive vice president of strategy Todd Nisbet all received an increase in salary and total pay in 2011/12.

Executive chairman James Packer receives no remuneration or bonuses from Crown.

In the event of a board spill, Mr Packer could use his major stake in the company to effectively ensure the re-election of those board members forced to vacate their positions.

Crown shareholders will vote on the report at the company's annual general meeting on October 30.

Crown closed up 11 cents, or 1.2 per cent, at $9.10.

The West Australian

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