Media mogul Mr Rupert Murdoch received a $1.56 million pay rise last year - despite his News Corp media empire plunging to a record loss of $6.2 billion.
The chairman's pay climbed from $7.6 million in 2001 to $9.2 million in the year to June 30th, with investors having to bear the brunt of one of the worst performances in the company's history and a sharp fall in the value of its shares.
Included in Mr Murdoch's pay was a $2.9 million bonus, thought to relate to an increase in group sales from $14 billion to $16 billion, and a $1.8 million pension contribution.
However, the pay package awarded to the group's biggest individual shareholder was exceeded by those given to former chief operating officer Mr Chase Carey and president Mr Peter Chernin.
Mr Carey was paid a total of $10 million, a sum achieved by the $4.9 million payment linked to his loss of office during the year.
Mr Chernin, who is widely regarded as the heir apparent to the group - despite the competing claims of Mr Murdoch's children - was the group's biggest earner. He received a total of $17 million, including a $7 million bonus and $2.5 million of share options.
Mr Murdoch has a developed policy of paying big salaries to retain executives.
Mr Tony Ball, the highly regarded chief executive of Murdoch-controlled UK satellite broadcaster BSkyB, has earned $26 million since joining the group in June 1999.
News Corp's 36 per cent stake in BSkyB has, over the past year, emerged as one of the most valuable parts of the Murdoch empire.
Mr Murdoch's sons, James and Lachlan, were paid $6.7 million between them. Mr Rod Eddington, the chief executive of British Airways and a News Corp non-executive director, received a fees-and-options package worth $65,000. At the age of 71, Mr Murdoch is in his last year of being guaranteed automatic re-election to the News Corp board, according to the company. - (Guardian Service)
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