iiNet MD's pay doubles

in brief iiNet managing director Michael Malone's total remuneration for the year to 30 June 2008 almost doubled over the previous year, according to the company's annual report released today.

The executive, who founded iiNet and still leads the company, saw his total remuneration rise from $324,224 to $619,461 in the period.

Michael Malone
(Credit: iiNet)

A significant portion of the increase, $112,500, was due to Malone achieving 100 per cent of his short-term bonus, the only executive to net the full amount. Short-term bonuses are given to executives for meeting objectives over a twelve-month period.

The balance of the spike in wages was due to $194,060 in performance rights, although this amount does not generally reflect a real figure in the pocket, but instead an administrative amount for expensing a grant of performance rights which vest over a period longer than one year.

In order to receive the benefits of these rights, Malone would have to meet performance hurdles by a specified time. Most of iiNet's other senior executives also received total remuneration increases, generally between $50,000 to $100,000 or more.