It's not an easy job to run an ASX-listed company.
You have the financial fate of thousands of investors, creditors and staff in your hands. That's a massive load of responsibility few of us would ever feel.
But does that justify their high take-home pay?
It's the perennial "pub test" that the corporate world grapples with.
Many Australians feel that no one's skill and expertise is worth tens of millions of dollars each year.
But we accept that elite athletes earn huge salaries because they possess a rare skill. So why is the Average Joe so contemptuous about people who use their brains receiving just as much?
Is there a bias towards physical prowess over the intellectual?
While we mull over these issues, the Australian Council of Superannuation Investors this week released its latest annual list of the 10 highest-paid chief executives in the S&P/ASX 100 (ASX: XTO).
The rankings are based on "realised pay" in the 2021 financial year.
| Rank | Chief executive | Company | Realised pay |
| 1 | Anthony Eisen and Nick Molnar | Afterpay (now Block Inc (ASX: SQ2)) | $264,222,249 |
| 2 | Paul Perreault | CSL Limited (ASX: CSL) | $58,914,531 |
| 3 | Greg Goodman | Goodman Group (ASX: GMG) | $37,105,490 |
| 4 | Shemara Wikramanayake | Macquarie Group Ltd (ASX: MQG) | $14,693,343 |
| 5 | Brad Banducci | Woolworths Group Ltd (ASX: WOW) | $11,788,098 |
| 6 | Elizabeth Gaines | Fortescue Metals Group Limited (ASX: FMG) | $11,119,309 |
| 7 | Mike Henry | BHP Group Ltd (ASX: BHP) | $10,464,599 |
| 8 | Chris Ellison | Mineral Resources Limited (ASX: MIN) | $9,452,857 |
| 9 | Magnus Nicolin | Ansell Limited (ASX: ANN) | $9,292,432 |
| 10 | Andrew Barkla | IDP Education Ltd (ASX: IEL) | $9,252,820 |
Bonuses out of control?
Afterpay co-founders Anthony Eisen and Nick Molnar set a joint record, taking home more than $100 million each. This massive payday happened after they exercised their $1 options when the actual share price was almost $90 last year.
"Even without their windfall, a new record high would have been set by CSL's Paul Perrault (who also set the last record in FY20) with realised income of $58.9 million."
The take-home pay for CEOs has ballooned significantly after an initial COVID-19 pandemic dip, according to ACSI.
The organisation attributed this to a return of large bonuses. The proportion of bonuses out of total pay increased from 31% to 76.7%, setting a new record.
"After their lowest year on record, big bonuses have… hit new heights," said ACSI executive manager Ed John.
"That's why investors, and ACSI, will be scrutinising closely the results-reporting season to see if this concerning trend of bonus 'catch-up' continues."
John insisted that bonuses should not be awarded for business-as-usual performance but be a genuine reward.
"Payments to senior executives have to be aligned with value created for shareholders and reflect true outperformance," he said.
"This year's outcomes will be judged against a backdrop of difficult financial markets and an uncertain economic outlook."
