The Age: Lend Lease chief executive Steve McCann reaps multi-million dollar bonus. September 30, 2014, Carolyn Cummins, Commercial Property Editor
Lend Lease Steve McCann received a $7.6 million pay package.
Lend Lease’s recent project victories, such as the East West Link in Victoria and the sale of the Bluewater mall in London, has led to a rise in the executive remuneration, with the chief executive Seve McCann taking home a pay packet totalling $7.6 million.
In the year to the June 30, according to the 2014 annual report, Mr McCann was paid a flat salary of $2.05 million, but also received a cash bonus of $1.08 million and a combined $4.5 million in shares, compared to his pay last year of $4.76 million.
Lend Lease reported a net profit after tax of $822.9 million in 2014, being a 55 per cent rise, but was in line with its own guidance, post the sale of the mall, Bluewater, in the UK.
Mr McCann’s pay outpaced that of rival Stockland chief Mark Steinert, who collected a more modest total remuneration of $3.36 million for the past year, while GPT’s Michael Cameron, was paid a total remuneration of $3.8 million.
Other property giants also fared well due to the better conditions for real estate investment trusts.
According to the annual reports, Federation Centres chief Steven Sewell, was paid a package of $3.99 million and DEXUS’s head, Darren Steinberg was paid $3.61 million, after completing the takeover of the Commonwealth Property Office Fund during the first part of the financial year.
Mirvac’s chief executive Susan Lloyd-Hurwitz received $3.69 million while Greg Goodman’s remuneration was $6.46 million.
But using realised pay as the measure, Westfield’s Peter and Steven Lowy were the best paid with each receiving just over $8 million for the year.