Proxy Firms Say Westfield Bosses Get Paid Too Much

Frank Lowy. Photo: Getty/Brendon Thorne

Proxy firms CGI Glass Lewis ISS have said Westfield bosses Steven and Peter Lowy get paid too much, according to an report today in the Australian Financial Review.

According to the report, CGI Glass Lewis said the combined $18 million salary package for both the chief executives was twice the median of Westfield’s market index peers.

Both firms said investors should vote in favour of the remuneration report at the shopping centre giant’s annual general meeting earlier this month though …

The proxy firms claim there is too much focus on “short term performance,” with both the short and long-term incentives in both Lowys’ contracts, according to the article.

You can read the full story here.

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