About the Director Remuneration Report
The Director Remuneration Report 2026 analyses statutory remuneration for non‑executive directors and chairs across the S&P/ASX 300, covering the latest reported financial year (primarily FY2025), and finds that chair fees rose more strongly than broader director pay amid shifts in index composition and governance demands. Median chair fees increased 7.7% in the S&P/ASX 200 (3.5% in the ASX 300), while non‑executive director (NED) fees grew more modestly at 2.7% and 1.3% respectively—generally below inflation—reflecting stable base fees with periodic spikes driven by equity-based awards.
Financials remain the highest‑paid sector for both chairs and NEDs, while sector volatility (notably in Healthcare and Energy) was heavily influenced by outlier equity grants. Overall, 37 directors earned more than $1 million in total fees, largely due to long‑term incentives. Gender representation continues to improve, with women holding 42.3% of NED roles, though only 16.1% of chair positions; female chairs earn 7.2% less than men primarily due to concentration in smaller companies, while women NEDs earn 5.6% more than male counterparts, consistent with women’s higher representation on larger boards.
Key message:
The headline growth in director pay is being driven less by across‑the‑board increases and more by structural factors—index rebalancing, equity‑based incentives, and rising governance complexity—meaning remuneration pressures are concentrated at the Chair level and in specific sectors rather than reflecting broad inflationary catch‑up for non‑executive directors.
