Leighton's Wal King is highest-paid CEO this year

The latest pay card for Australia's largest contractor also shows its former deputy CEO, Dieter Adamsas, reaped $3.56 million in consultancy fees, which came on top of almost $398,000 for his role as a non-executive director. Mr Adamsas stepped down from Leighton's management ranks more than two years ago but has been offering "strategic consultancy services".

Mr King's remuneration makes him the highest-paid executive to emerge so far this year, surpassing BHP Billiton's chief executive, Marius Kloppers, on $US10.39 million ($A11.9 million), Boral's Rod Pearse ($11.5 million), and Qantas' former chief executive Geoff Dixon ($10.7 million).

The Productivity Commission reports today on its inquiry into executive pay, which is headed by former competition tsar Allan Fels.

Leighton's annual report, released yesterday, shows that Mr King's total package included a base salary of $3.2 million and a $5 million bonus. However, his total pay card was down on 2007-08, when he reaped $16.5 million.

MATT O'SULLIVAN