Global 2025 GECN Research Project Preliminary Report

December 8, 2025

Each year, Guerdon Associates’ GECN Group publishes research on a global remuneration and governance trend.

This year we reviewed the differences in CEO pay levels and structures across major capital markets.

In recent years the weight of global capital has been taking public companies private and enabling newer companies with high potential addressable markets to stay private. Both avenues provide executives with larger piece of pie than their public company peers. In addition, global governance arbitrage has facilitated the flow of capital to “freer” markets. For over a century the US has been a destination of this capital, and has consequently seen executive pay soar, sucking in globally mobile talent that continues to deliver shareholder returns way ahead of other geographies.

Recently, some corners of the world, such as the UK public listed company market, have recognised this. They have thrown off some of the regulatory shackles and cookie cutter expectations impacting sourcing, retaining and incentivising people to deliver higher returns. Others, such as Australia and South Africa, arguably have done nothing to stop the haemorrhaging of capital and executive talent from public to private and offshore markets. Australian public company CEO pay has not budged since 2011. Little wonder if they do not resist, perhaps as fiercely as they should, the siren call of private equity when it comes knocking. To underscore the phenomenon, this year our GECN Group has reviewed and compared CEO across the major global public listed company markets.

Some Preliminary findings include:

  • Predictably, the US sets the benchmark for CEO pay quantum. Australia and South Africa are positioned at the bottom on both Median Target Pay and Median Market Cap globally. In the five years ending in 2024, the U.S. S&P 500 Index delivered total shareholder return of 97% compared to between 8% and 50% for the remaining indices covered in this report. So, while U.S. CEOs cost more, they deliver higher returns. This is what you would expect if paying more for talent.
  • Incentive opportunities differ across regions, with the U.S. again the highest. The median short-term incentive (STI) target opportunity in the U.S. is 165% of salary, compared to 100% in nearly all other markets except for Canada where the median target is 140% of salary. Maximum opportunities in the U.S., Switzerland and the UK reach two times the target. Australia, South Africa, and France have median maximum opportunities ranging from 130% to 160% of salary.
  • Pay mix and compensation structures for CEOs show significant regional variation, driven by differences in regulations, tax systems, governance norms, and cultural factors. Australia stands apart for having salary as the largest portion of pay. This may reflect the unintended consequence of greater regulatory influence over increases in both salary and incentive opportunity because of Australia’s “two-strikes” law, crippling its ability to keep pace in the global competition for talent.
  • Performance rights, otherwise known as Performance Share Units (PSUs) are the dominant form of equity in LTI packages in all markets and account for the largest share of LTI compensation everywhere. In Australia, 86% of companies use PSUs; nearly all (90% or above) companies grant performance stock to their CEOs.
  • Information Technology stands out globally as the sector with the highest median CEO pay at $16.8 million, a trend driven by rapid growth, huge inflows of capital, a shortage of talent, and the prominence of tech companies now calling the US home. Tech companies often operate in fast-moving, highly competitive environments. Their decisions can lead to billions of dollars in market value, which boards and shareholders often use to justify high compensation.

Download the report HERE.