Australia Post - how much are its Executives worth ?

Following the revelation that the remuneration of the now departed Chief Executive of Australia Post, Ahmed Fahour, was $5.6M, the organisation has released a remuneration report showing that three other current executives of the organisation also earn over $1M per annum.  A fourth who has since retired earned $1.2 M per annum. These are staggering amounts for a Public Sector agency and are greater than salaries and benefits paid to Heads of Commonwealth  Departments and State Government Departments.  The CEO of Australia Post was revealed to be highest paid head of a Postal agency in the world.  

Australia Post Executives earning more than $1M per annum

Name	Base salary and fees	Short term incentives	Non- monetary benefits	Superannuation	Total $
Chris Blake	781,514	521,500	-	19,308	1,322,322
Robert Black	883,426	585,000	-	19,308	1,497,734
Christine Corbett	767,305	677,500	-	82.350	1,527,155
Ahmed Fahour	1,971,152	2,342,933	73,985	1,239829	5,627,959

 Two other Executives earned well over $900,000 per annum.

These remuneration levels stand in stark contrast to the performance of Australia Post with a rising tide of complaints received by the Commonwealth Ombudsman which also has had the role of Postal Industry Ombudsman since 2006. Delivery issues account for 30% of all complaints regarding Australia Post with failure to deliver, failure to use safe drop procedures and failure to obtain a signature on delivery being the main concerns. With rapidly declining retail surface mail business, the public are right to ask why the level of Executive remuneration is so high and why was the Federal Government been caught so flat footed. If this situation had occurred in an ASX listed company, the shareholders would have had an opportunity to vote down the remuneration report - a device which general taxpayers in contrast do not have.