24 Sep 2013

Meridian CEO paid more than $1m

4:22 pm on 24 September 2013

The chief executive of the soon-to-be listed Meridian Energy received more than $1 million in salary in the last financial year.

Mark Binns collected $1.1 million in the year to June, made up of base pay and KiwiSaver contributions.

Meridian, which released the information in its annual report on Tuesday, says Mr Binns did not receive any short-term incentive payments.

Another 306 staff, about 37% of Meridian's total staff, received more than $100,000 in annual pay.

Meridian, which recorded a four-fold jump in annual net profit to $295 million, is expected to list on the share market late next month when the Government sells a 49% stake in the business.