mbl ceo earns 16948 an hour

He even earns $64,000 before lunch starts every day!

AUSTRALIA'S highest-paid boss has pocketed a whopping 57 percent pay rise, now taking home more than double the average worker's yearly wage in only one day at the office.

In what shareholder groups believe is one of the largest pay rises in Australian corporate history, Macquarie Bank chief executive Allan Moss earned $33,489,818 in the year to March 31, up from $21,210,349 in the previous 12 months.
That's the equivalent of $644,034 a week, $128,806 a day or $16,948 an hour if Moss worked a normal 38-hour week.

The average yearly Australian wage is about $55,000.

Expecting a similar rise to last year's 16 per cent hike for the boss of the so-called Millionaires Factory, Australian Shareholders Association chief executive Stuart Wilson said today he was flabbergasted at the salary.

"The average person on the street will be looking at this thinking Allan Moss has won the lotto 33 weeks out of 52", Wilson said.

"After years of huge salaries and large increases at this company, this one takes the cake".

"It is exorbitant, way over the top and completely out of kilter with today's social expectations.

" A spokeswoman for the investment bank declined to comment.

The intensely private Moss, 57, will no doubt be grilled today about his new pay at an afternoon media conference, where last year he encouraged a worthwhile debate to talk through social consequences of globalisation.

Moss's remuneration structure is heavily performance-based and comes after a big year for the investment bank, which recorded a 60 per cent rise in profit and a 27 per cent growth in its share price.

His salary was only $670,819, but, as is the norm, was significantly boosted with short-term performance payouts making up the remainder.

The bank's yearly review released today also revealed generous hikes to other Millionaires Factory executives such as investment banking chief Nicholas Moore, whose pay increased 59 per cent to $32.89 million.

Moore was among eight executive to pocket at least $10 million last year in an executive remuneration pool of more than $208 million.

Wilson said his group would advise shareholders to vote against the company's remuneration packages.

Macquarie Bank has done very well with this result, but it's not the best performing stock on the market yet still has the three highest paid executives in the country, Wilson said.

http://www.news.com.au/couriermail/story/0,23739,21735062-952,00.html