Adrian Orr New Zealand Superannuation Fund chief executive Adrian Orr received a more than 18 per cent pay rise to almost $800,000 in the last financial year, according to its latest annual report.
In the same period the fund, boosted by a rally in global sharemarkets, gained a total return of 19.4 per cent and increased in size by $3.3 billion to $25.8 billion after tax.
Orr's total remuneration of $791,462 in the 12 months to June 2014 included a $204,666 bonus payment, the annual report said.
His base salary, including KiwiSaver contributions and annual leave, increased 22.8 per cent to $586,796 from $477,684 in the year to June 2013.
Gavin Walker, chairman of the Guardians of New Zealand Superannuation, said Orr's remuneration was appropriate given the nature and complexity of his role.
"It also reflects his strong performance, the highly specialised focus of the Guardians and the potential difficulty in replacing his skill set," Walker said. "This role is unique in New Zealand."
Walker said other factors driving Orr's pay rise were the global relationships he had built and the length of time that had passed since his last base salary increase three years ago.
The Business Herald's executive pay survey, published last week, found the chief executives of New Zealand's biggest listed companies and SOEs, as well as dairy co-op Fonterra, received an average of $1.4 million in the 2013 financial year, 4 per cent up on 2012.
Meanwhile, Walker said the strong returns the Super Fund had been enjoying -- 17.01 per cent per annum over the last five years -- were unlikely to continue at this level.
- by Christopher Adams of the NZ Herald
