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News News THE Bunnings promise to customers might be "lower prices are just the beginning" but its parent comp
THE Bunnings promise to customers might be "lower prices are just the beginning" but its parent company believes the opposite applies when rewarding its top executives.

In its annual report, the industrial conglomerate-cum-retailer yesterday revealed its chief executive, Richard Goyder, has had an increase in his total pay package from $3.3 million to $5.3 million.

Finance director Gene Tilbrook had his pay increased more than any other executive, nearly doubling from $1.7 million to $3 million thanks to a rise in share-based pay from $371,000 to $1.3 million.

Both Mr Goyder, who is set to take over the reins at Coles Group within months, and Mr Tilbrook are part of the same long-term incentive scheme that kicked in for the first time this year.

The boss of the Bunnings hardware retailing business, John Gillam, earned the most of any of the division bosses, taking home $2.6 million, up 40 per cent on the previous year.

Mr Gillam is tipped to land a senior role in one of Coles's retailing divisions if shareholders approve the Wesfarmers takeover of the company at a vote to be held on November 7.

The Supreme Court of Victoria yesterday approved the takeover scheme booklet, which will be filed with the securities exchange on Monday.

It contains details of what payment the shareholders will receive for their shares, and when they must accept or decline the offer.

Mr Goyder, who has only been chief executive of Wesfarmers for two years, was paid a base salary of $2.3 million, $2.6 million in share payments and $225,000 in "other" post-employment benefits.

Half of his pay packet was performance-related.

In the past four years net profit has grown 20 per cent while his salary has tripled.

His remuneration is expected to rise further assuming shareholders vote in favour of the Coles deal and his responsibilities increase, especially if Wesfarmers is able to turn around the ailing Coles Group's fortunes.

Wesfarmers will more than double in size from a market capitalisation of $16 billion to about $34 billion.

It is difficult to compare the pay pocketed by Mr Goyder and the current Coles boss, John Fletcher, in the past financial year as Coles is yet to release Mr Fletcher's salary details. The previous year Mr Fletcher was paid $1 million more than Mr Goyder.

 
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