Queensland Investment Corporation pays out $70 million in bonuses

by admin on May 20th, 2019

filed under 南京夜网

Employees at Queensland Investment Corporation received $70 million in bonuses last year. Photo: Jessica ShapiroMore than $70 million in bonuses has been paid out to workers at the government-owned Queensland Investment Corporation (QIC) in the past year.
Nanjing Night Net

There was $70.89 million paid for “performance and retention of employees”, the QIC Consolidated annual financial statements and directors’ report for the year ended 30 June 2016, tabled on Friday reveals.

There were 543 employees who received payments for performance and retention purposes in the past year, the report said.

This was up from almost $66 million paid in the 2014-15 financial year.

In 2013-14, there was $56.5 million paid in bonuses under the former Newman LNP government.

A corporation spokeswoman said QIC generated significant returns for its clients and a record normalised corporate profit in 2015-16.

“For the financial year 2015-16 QIC’s total revenue increased by $12.3 million to $336.3 million,” the spokeswoman said.

“Incentives paid by QIC are based on performance outcomes.

“All employees of QIC contributed to achieving these outcomes.

“It is in line with market practice to recognise all employee contributions to achieving such a positive result.”

The spokeswoman said QIC managed more than $75.8 billion in funds and generated $4.1 billion in investment return for clients.

“Many of whom are ultimately Queensland public sector employees,” she said.

“Generating investment returns of this size requires people with specialist skills and expertise, for whom QIC must compete with the private sector to appoint and retain.”

QIC’s budget for corporate entertainment was $419,734 for the past year – an increase on previous years, according to the QIC 2015-2016 Statement of Corporate Intent – also tabled on Friday.

The spokeswoman defended the entertainment budget.

“Overall, QIC’s spend in relation to client entertainment and hospitality is well below that of the market and funds management industry,” she said.

“QIC operates in an extremely competitive market and delivers excellent outcomes for our clients and the Queensland Government.

“Delivering this commercial success involves some entertainment activities to help build and maintain relationships with existing and prospective clients.”

She said QIC had policies to ensure corporate hospitality and entertainment spending was “appropriate, reasonable” with commercial benefits.

Brisbane Times approached Treasurer Curtis Pitt’s office for comment, but was advised QIC was better placed to answer the questions posed.

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