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Leighton Holdings Ltd (ASX:LEI) chief executive Wal King was defending his annual payout after shareholders supported his remuneration of A$12.5 million (US$11.4 million) for the 2008 09 financial year.
About 90 per cent of the construction company's shareholders voted in favour of its 2008/09 remuneration report at Leighton's annual general meeting in Sydney on Thursday.
After the meeting, Mr King told journalists he didn't have a view on whether he was paid too much.
But when asked about the company's plans to replace him when he retires, the 65-year-old launched a spectacular tirade on imported CEOs.
"About all I can say to you is that it won't be any high-flying American parachuted in at outrageous salaries that make mine look like chicken feed, stay for two years and fill up the jumbo jet and leave," the often colourful Mr King said.
"I mean that's not going to happen.
"You name me one American chief executive that's stayed in Australia?
"I think all they in fact have done is ratchet up the salaries for guys like me.
"They've parachuted in, told us what a crappy country we have and how we're all so dopey, we don't know what we're doing, sort it all out and get a big loan. It's true."
Asked if he liked former Telstra (ASX:TLS) chief executive Sol Trujillo, a US citizen whose highest annual remuneration was A$13.4 million while in Australia, Mr King responded: "I'm not going to comment on specifics."
There had been speculation of a shareholder backlash against Leighton's pay policies at Thursday's meeting, but only one two shareholders voiced any criticism.
They suggested more bonuses be paid in share options rather than cash, in order to align the board's interests with shareholders.
Outspoken shareholder Jack Tilburn voiced his support for Mr King, and said the chief executive's reduction in pay from the previous year was correct given the company's 28 per cent drop in annual net profit.
"Mr King has come down, and I'm sure that I speak for all shareholders (when I say) that is correct and right, because of the global financial crisis," Mr Tilburn told the meeting.
"But nevertheless Mr King is a great, great director and a great managing director."
In 2007/08, Mr King received a total remuneration of A$16.5 million.
Mr King has worked at Leighton for 41 years and has been chief executive since 1987.
"Pay is a reflection of achievement," Mr King told journalists after the meeting.
"Throughout the organisation we pay very well. We pay for results, and that goes right through the organisation, and that's unashamedly our culture."
(AAP) rw
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