The pay package for the boss of Origin Energy has climbed above $7 million despite a fall in profit at Australia’s largest utility company.
Managing director Grant King’s total remuneration rose to $7.3 million in the 2013/14 financial year from $6.9 million the previous year.
While Mr King’s fixed remuneration remained at $2.5 million, his short-term cash bonus jumped from $600,000 to $1.4 million.
Details of his remuneration were revealed in Origin’s annual report on Wednesday.
The report said Mr King’s fixed pay would remain at $2.5 million this financial year.
Origin in August blamed falling energy demand due to the unseasonally warm weather for pushing its underlying profit down six per cent to $713 million in 2013/14.
Its net profit rose 40 per cent to $530 million, with Origin having incurred heavy falls in the value of its hedging products the previous year.
In a joint statement in Origin’s annual report, the company’s chairman Gordon Cairns and Mr King said the company’s key priorities were delivering growth from its natural gas and LNG businesses.
Expanding capabilities and investment in renewable energy projects were next on the list, along with increasing distributions to shareholders.
Origin expects to produce the first LNG from its $24.7 billion Australia Pacific LNG project around June 2015.
But it does not expect LNG sales from the project will contribute to earnings until 2017.