Westfield tips higher dividend

Property group Westfield Group Ltd will pay a dividend of 25.5 cents per share for the first half to June.

The group has tipped a dividend of 51 cents per security for the 2013 calendar year, up from 49.5 cents the previous year.

The dividend will be paid on 30 August, the day after Westfield announces its first half results.

It comes after sharp criticism of Westfield's executive pay policy by two major proxy firms, particularly the $18 million combined pay package for Westfield's chief executives Steven Lowy and Power Lowy.

During the past year, Westfield has reformed its remuneration methods, distributing short-term bonuses in shares and deferring payouts.

Westfield Retail Trust also announced its first half dividend, of 9.925 cents per share, which puts it on track to pay 19.85 cents for the full year.