HIGH END: Frank Lowy is Australia's richest person,
according to the latest BRW Rich 200 list, on estimated
wealth of $5.04 billion.
THE man crowned this week as the richest Australian has vigorously defended his $14.9 million pay packet, saying he works very hard for it.
"I don't work for nothing," Frank Lowy told shareholders of his shopping centre empire Westfield at its annual general meeting in Sydney yesterday.
Mr Lowy, whose estimated fortune of $5 billion saw BRW magazine dub him Australia's richest man on Wednesday, said it was wrong to treat as one lump sum the total pay of the three Lowy family members who are Westfield executives.
"There are three people," he said, referring to himself and his sons, joint managing directors Peter and Steven Lowy.
"One could be Smith, Jones and Goldsmith. We don't live in the same house, it's not one household.
"Each one is entitled to pay what the company believes is appropriate to pay."
Despite Mr Lowy's impassioned defence of Westfield's executive pay, the protest against the company's remuneration report almost doubled, with 16.17 per cent of shareholders giving it the thumbs down yesterday compared with 8.57 per cent last year.
But shareholders expressed confidence in Mr Lowy's management, voting overwhelmingly to re-elect him and four other directors up for re-election - Fred Hilmer, John McFarlane, Judith Sloan and Mark Johnson.
Mr Lowy, Westfield's executive chairman, was paid $14.9 million in 2009, including $900,000 worth of private travel on the company's jet.
His pay was $1.3 million less than in 2008 and his sons also took a haircut.
Peter Lowy's total remuneration for the 2009 financial year was $US6.8 million, down 2.7 per cent on the previous year, while Steven Lowy's take-home package shrank 2.8 per cent to $7.6 million.
The decline did not appease shareholder activist Stephen Mayne, who yesterday asked Mr Lowy to follow the lead of casino magnate James Packer and work for free.
Mr Mayne said such a move would free up an extra cent a share to be distributed to shareholders, taking dividends from 94c to 95c.
Mr Lowy said he could afford such a move "but I believe that I am entitled to get paid".
"And just on the sideline, I don't keep that money that I get paid from the company. I give it away, and a lot more, to deserving causes," he said.
"I don't believe that the Westfield shareholder is a deserving cause for me to give them an extra cent."
