Australia’s largest brewer Foster’s has told shareholders that the fixed salary of Chief Executive Ian Johnston will not rise in the 2009/10 Financial Year.
“The CEO will not receive an increase in the current year,” Foster’s said in yesterday’s release of their Annual Report. “For senior management more broadly, most salaries will remain unchanged in the year ending June 30, 2010.”

Last year, Mr Johnston – who was confirmed as CEO in late September 2008 – received a total of $3.25 million in fixed remuneration (cash, superannuation and shares) and incentive payments.

“The board has agreed that there will be no change to Ian’s fixed remuneration for the coming year – it will remain $1,800,000 per annum, as set at the time of his appointment,” Foster’s advised.

Mr Johnston can earn an annual bonus if the company meets certain financial targets.

The maker of VB also informed shareholders that their transformation was on track.

“As promised in announcing the Wine review, significant transformation is underway at Foster’s,” Mr Johnston and Chairman David Crawford said in their Business Review. “Most importantly, a new culture is being fostered as we draw upon the best of our heritage to drive a new momentum across the business. That culture is based upon desired behaviours encapsulated in the three As – Accountable, Adaptable and Aggressive. The three As set a clear example of how each employee can help deliver the high performance expected of Foster’s.”

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