Congratulations again and a sincere thank you to all the award winners for their contributions and to everyone who nominated them! Sign up here. /Font 49 0 R Executives get paid more than their work is worth, but less than the cost shareholders would incur in more closely monitoring them and executives are freed up to act entrepreneurially. Those at prestigious Group of Eight universities were paid more than A$1.2 million on average. Most universities had awarded increases of between 1 per cent and 3.5 per cent, it said. The appointment of Schmidt, a Nobel prize-winning scientist, as vice-chancellor in 2016 was greeted like the breaking of a new dawn by many. After Dr Spence, Australias top earners were the Australian Catholic Universitys Greg Craven and Melbournes Glyn Davis. Market-based salary setting mechanisms, such as benchmarking, appear to drive these increases. This placed considerable day-to-day executive power in the hands of VCs council members being lay, external, and overwhelmingly non-remunerated volunteers with relatively low organisational time commitments and no personal financial interests in the organisation. Help using this website - Accessibility statement, earnings are about half the previous figure. Vice-President/Deputy Vice-Chancellor, Global - UNSW Sydney 2. RMIT University vice-chancellor Martin Bean, who is due to resign this month. Uu:4g#A(sp 6;NKFwVafKqr8BM|~+aZ (A1XK;R`v0)|L&bf~f4cdnJpN" -^q_#(=Ci[]nXy2cvAaL)j2 M8@ CV,Vju! In 1994, it required universities, as with private firms, to declare senior staff remuneration in their annual financial accounts (Baimbridge & Simpson, Citation1996) (a requirement mirrored in Australia). First, agency favours measurable, extrinsic motivations such as remuneration, whereas stewardship focuses on less measurable intrinsic factors such as personal growth and achievement (Davis et al., Citation1997, pp. Source: Boden & Rowlands (2020). . SolenSoftware Actavia 3.4 (Journal system) As in Australia, these increases are not indicative of general remuneration increases in the sector. This was $100,000 less than the 2019 average of $1,003,000 when 16 university heads earned seven-figure salaries.