Asciano chief freezes pay

Mullen's pay frozen, warns of cautious 2014 despite profit rise.

Despite posting a robust lift in full-year profit, Asciano Ltd chief executive John Mullen said the company is preparing for a cautious 2014 through measures that include freezing his pay for the year ahead, according to The Australian Financial Review.

Asciano reported that in the year to June 30 its net profit attributable to members was $A340 million, a 41.2% increase on the $A240.8 million it recorded in 2012.

The company added that it expects to see continued earnings growth in the year ahead, but warned it would be at a slower rate than in 2013.

“We know we're in slightly tougher economic times, we're asking for restraint from the unions and the general workforce,” Mr Mullen told the AFR.

“You can't ask for restraint from others and start awarding yourself big pay rises so we've willingly adopted a zero increase for this coming year to try and set a good example.”

Including bonuses, Mr Mullen earned $3.47 million in 2013, the AFR added, based on $1.89 million in fixed pay, which was a 4% raise on 2012.