Australia’s richest man, Westfield
(ASX:WDC) Chairman Frank Lowy has defended his $14 million pay packet, saying he gives much of it away to worthy causes.
Mr Lowy told Westfield's 50th annual meeting in Sydney yesterday, that he won’t keep the money he gets from the company instead he’ll give it away to a lot more deserving causes.
In addressing a crowd of shareholders, Mr Lowy said all wages and salary decisions were made by the remuneration committee after much forceful and open debate.
Mr Lowy topped the BRW Rich List this week with an estimated fortune of $5.04 billion.
It’s the first time he has held the top spot, after having spent years behind Kerry Packer and Richard Pratt.
Westfield is now the largest shopping centre owner in the world with a market capitalisation of nearly $28 billion.
Westfield posted a $457 million lost in the year to December 30 2009.
