endobj Performance objectives and targets are not further identified. >> Research demonstrates rapid and relatively recent increases in VCs remuneration with little connection between pay and performance (Bachan & Reilly, Citation2015; Johnes & Virmani, Citation2020). Since being named co-winner of the 2011 Nobel Prize for Physics (with Saul Perlmutter and Adam Riess) for the discovery that the expansion rate of the universe is faster than it was in the past, Schmidt has made sure that money or what he does with it is very much part of his schtick. That said, Australian vice-chancellors are very generously paid, he said. I think a lot about how to get my meaning out without becoming a headline. * report annually (Q2) each year on adoption of the UCC code. VCs and their representative bodies consistently justify this increased remuneration with agency rhetoric, arguing that it reflects their appropriate share of university performance improvements. That's after adjusting for a COVID-related reduction to his current pay and despite UCL rating higher than Sydney University on global rankings. His family moved around as his father, Dana, pursued an education in fisheries and aquatic biology. 19 0 obj Professor Smith added most Australian universities lacked transparency, stating salaries in a range rather than exact amounts, which included a sleight of hand given they sometimes included bonuses and rent arrangements. This was $100,000 less than the 2019 average of $1,003,000 when 16 university heads earned seven-figure salaries. Sydney University has recorded an unprecedented $1 billion surplus. Note 2: the majority of universities disclosed vice chancellor salary under the section Remuneration of Executive Officers/Key Management Personnel. 3 While any remuneration for board memberships is not disclosed, non-executive directors of large publicly listed companies such as CSL can receive in the vicinity of $1,000,000. It hasnt always been like this. Bill would bind vice-chancellors' salaries to state premier's pay . /MediaBox [0 0 595 842] Embedded in the code is the requirement that vice-chancellors be held to account for performance and that their base remuneration should be appropriate for the role and related to their institutions successful delivery of financial and nonfinancial goals. endobj These bands are set by the owners of public universities, that is, state and territory governments. Financial exigencies considerably strengthened VCs and university governing bodies powers (Marginson & Considine, Citation2000). Email Template Shortcuts | Western Sydney University - Email Template 7. 2. Click here for the Complete List of Vice-Chancellor Pay & Salary Packages At Australian Universities. The pay of Australias top-earning university leader the University of Sydneys Michael Spence, who is on A$1.4 million was nearly twice that of the UKs best-remunerated vice-chancellor last year, Bath Spa Universitys Christina Slade, ironically an Australian whose 808,000 package included a 429,000 exit payment. Governments have required universities to raise much more money themselves and so universities have really had to be run much more like entrepreneurial businesses in the last decade, with the government cheering from the sidelines, Professor Larkins said. * VC names with an asterix * are no longer working in that position. Australian University Ranking | UniversityRankings.com.au. VCs remuneration, in contrast, has always been at the discretion of each university with no external controls. Professor Maskell's pay package rose by about $20,000 to a range between $1.5 . The downward turn in earnings comes after years of rising vice-chancellors salaries, peaking at $1.6 million in 2019 for Michael Spence, then the head of Sydney University. Most Victorian university vice-chancellors either took a pay cut or donated their salary increases to student hardship funds in 2020, although the three highest-paid university heads were still on total salary packages of more than $1 million. /Type /Page This is almost double that of the salary of . People wander past, often with that acutely self-conscious air that people have when they see someone famous, which Schmidt is here on campus. For example, the vice-chancellor of Oxford University which was ranked second in the QS World University rankings this week was paid total remuneration of $A835,000 in 2019-20. As a vice-chancellor, Im a big-picture guy I have a 50-year horizon, he says. But what is the incentive for me to do this? /Contents 33 0 R He is poised to potentially receive the largest remuneration package in the country from next month when former ABC managing director Mark Scott begins at the University of Sydney on $500,000 less than his predecessor, Michael Spence, who was paid $1.53 million last year. /CreationDate (D:20220220173829+01'00') /ProcSet [/PDF /Text] During our lunch, Schmidt tells me more than half a dozen times that being a vice-chancellor is hard, really hard. NTEU president Jeannie Rea said that vice-chancellors rising pay packets contrasted with a constant decline in ongoing decent jobs at universities. /Contents 47 0 R This included a number of institutions outside the top 200 global rankings (only the Australian National University, Melbourne, Sydney, NSW and Monash are in the top 100). /Rotate 0 /Count 12 As part of Deakin's COVID-19 response Professor Martin chose not to seek any portion of his contractual performance incentives for 2020. They might even prefer to pay their vice-chancellor over the odds because it makes their university look more prestigious. >> endobj /Contents 36 0 R Million-dollar vice-chancellor salaries highlight what's wrong with our Professor Schmidt earned $560,000 in 2020 after giving himself a $90,000 pay cut on 2019, according to information obtained by The Australian Financial Review. Despite finding the job really hard, Brian Schmidt, the only Nobel Laureate to head an Australian university, doesnt care about being paid as much as his peers. endobj As uni heads' salaries nosedive, Nobel Laureate takes bottom spot The estimated base pay is $97,675 per year. We use cookies to improve your website experience. Ive got enough, Professor Schmidt told AFR Weekend during his Lunch with the AFR. The biggest increases went to Central Queensland Universitys Scott Bowman, who had backdated his annual bonuses to the end of a multi-year contract, and Queensland University of Technologys retiring boss Peter Coaldrake, whose package is thought to have included a golden handshake. /ProcSet [/PDF /Text] << /R12 60 0 R In Canada between 1996 and 2006, increases in VC salaries exceeded both productivity and performance gains (Essaji & Horton, Citation2009). Experts expect 2022 to be a crunch year for Australian international education because of a dearth of fresh enrolments in 2020 and 2021. Australian universities, academic workforce casualization, vice-chancellor salaries, quality of education Those at prestigious Group of Eight universities were paid more than A$1.2 million on average. endobj A voluntary code agreed by the Committee of University Chairs [of councils] in 2018 (CUC, Citation2018) had declared it inappropriate for VCs to be members of their remuneration committees but that they could attend providing they were not present when their own salary was discussed. >> * sharing experiences of implementation and ongoing refinement of governance and reporting. The Australian historical example outlined in this article demonstrates this. But the comparison is wrong because vice-chancellors run public institutions, students are different to employees and there is little evidence any VCs have created new strategic directions in the face of the hit to their income during COVID-19. Young man, what are you doing? she asked me. First, agency favours measurable, extrinsic motivations such as remuneration, whereas stewardship focuses on less measurable intrinsic factors such as personal growth and achievement (Davis et al., Citation1997, pp. The position reports to the Vice-Chancellor and President, and leads a focused team-set strategy to deliver on the university's global activites and initatives. University vice-chancellor salaries are 'ridiculous' Averages can be misleading because of the marked variation in size and nature of UK universities, but in 20182019 at British universities with income over 30 million a year, the average VC remuneration was 281,550 [AUD 530,182], with the highest being London Business School at 609,000 [AUD 1.10 million] (HESA, Citationn.d.). This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Professor Maskells pay package rose by about $20,000 to a range between $1.5 million and $1.515 million, while Monash University vice-chancellor Margaret Gardners rose by about $90,000, from $1.28 million to between $1.3 and $1.4 million. But Melbourne University emeritus professor Frank Larkins said vice-chancellors high salaries reflected the increasing demand that Australian universities operate like businesses, including chasing ever more revenue from international students in order to fund their operations and cross-subsidise research. Professional management functions have come to the fore in the pursuit of business objectives and VCs both see themselves and are seen by others, including governments and government agencies, as chief executive officers. Vice-Chancellor and President Professor Deborah Terry AO. Its a process that can take six hours or two, depending on the abundance of the harvest. /MediaBox [0 0 595 842] Soaring vice-chancellors' salaries in Australia and the UK reflect a "clear failure of university governance" that demands political intervention, researchers say. Universities were penalised financially if these guidelines were breached. /Type /Page He is also the Director of the Grattan Institute, Melbourne Business School and the Melbourne Theatre Company, a board member of the Group of Eight and Universities Australia, a non-executive director of CSL Limited, and an ex-officio member of the universitys companies and controlled entities. Turning to the highest paid vice-chancellor in Australia, The University of Melbourne's Professor Duncan Maskell's salary is $1,469,999, a pay cut of $44,000 from 2020. The pay packages of Deakin Universitys Jane den Hollander, RMIT Universitys Martin Bean, the University of South Australias David Lloyd and the University of Technology Sydneys Attila Brungs all moved into seven figures last year. >> These are generally dismissed as being too expensive and an unnecessary imposition on universities as self-governing and autonomous entities. >> From 1976 to 1986, the Australian government set recommended maximum salaries for vice-chancellors. Instead, we show that neither nation is an outlier.
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