Lowy pay cheque drops by $1.3m after Westeld loss

The global shopping centre group's annual report, released yesterday, shows that Mr Lowy's total package for the year to December 31 included a base salary of $8 million and almost $6 million in cash bonuses. His total pay is down from $16.2 million in 2008.

The small decline in Mr Lowy's salary package is due primarily to him not achieving all his bonus targets.

He also waived his entitlement during the year to 20 hours' use of a private corporate jet.

Of his non-monetary benefits, however, almost $900,000 is due to him flying in Westfield's fleet of corporate jets.

The salaries of Mr Lowy's sons, Peter and Steven, Westfield's joint managing directors, both dropped by 3 per cent, to $US6.87 million ($7.5 million) and $7.6 million respectively. Peter Lowy lives in Los Angeles.

Westfield shares fell about 5 per cent over the year.

Last month the company reported a net loss of $458 million for the year to December 31, which was an improvement on the $2.2 billion loss the previous year. The latest result did include a $3.5 billion asset write-down.