Andy Penn Salary: Despite severe declines in earnings and dividends at the nation’s largest mobile carrier, Telstra chief executive Andy Penn’s pay package grew by 34% to $5 million in the most recent financial year.
A year ago, shareholders staged a rebellion against executive compensation, giving the telecom a “first strike” vote on bonuses paid to Mr. Penn and his senior management team. Mr. Penn and his senior management team won the vote.
Mr. Andrew Penn, better known as Andy Penn, is the Chief Executive Officer of Telstra Corporation Limited, an Australian telecommunications firm that is also the country’s biggest cellular carrier.
Telstra is a member of the S&P/ASX 20 index and is engaged in the construction and operation of telecommunication networks and markets. Furthermore, it is the biggest telecommunications firm in Australia in terms of market share. In the year 2020, the corporation expects to have 18.8 million users.
Mr. Leeser is one of 17 members of Parliament and senators who support the draft law, and they will begin a larger push to reform the way the telecommunications industry is governed starting on Thursday.
At the present, telecoms are enjoying too much privilege. “We want the telecoms to be afraid of the regulator in the same way that people traffickers are afraid of border enforcement,” he said.
Other changes proposed in the draft include creating a mobile service duty, which would bar telecommunications companies from claiming coverage of a region when their mobile service is not usable in the majority of the sites covered by that zone.
A telco’s annual report would be required to include information on the number of consumer complaints received each year, and it aims to make the industry ombudsman a more independent “tough policeman on the beat” by requiring greater transparency.
Telstra Corporation Limited has a market value of AU$38 billion, and the company’s total annual CEO salary was reported as AU$5.0 million for the fiscal year ending June 2020, according to our data. In other words, compensation was approximately the same as it was the previous year. Even while we believe that overall remuneration is more essential, our data reveals that the CEO’s salary is lower, at AU$2.4 million.
According to the data, the median total CEO remuneration for other businesses in the category with market capitalizations more than AU$10 billion was AU$3.7 million. As a result, we may infer that Andy Penn is compensated more generously than the average for his industry. Furthermore, Andy Penn owns AU$7.0 million in Telstra stock that is held directly in their own name, indicating that they have a strong personal investment in the firm.