Wesfarmers boss defends CEO pay packets Business leader Richard Goyder says chief executives need to be paid well to prevent them being poached by overseas firms. The head of Coles owner Wesfarmers and chair of the B20 - the business arm of the G20 - said debate about multi-million dollar pay packets needed to be considered in a global context. "People in the public company sphere also have the opportunity to go into private equity, they have the opportunity to go into professions, ultimately people in executive roles have the opportunity to go to different countries, so I think the market is actually dealing with these issues," Mr Goyder told reporters after Wesfarmers's annual general meeting earlier this month. He conceded that he was "conflicted" on the issue, as shareholders often raised concerns about excessive pay, but those concerns were being addressed. Mr Goyder's remuneration in 2013/14 totalled $9.4 million. Some shareholders at the Wesfarmers annual meeting told the board they were disappointed that their company compared its executive pay regime to other companies. "You're chasing each other's back," one shareholder told Mr Goyder. You're not looking back and saying what is a fair wage to run the company. It's certainly not $9 million. No one deserves that. Another shareholder noted average wage earners were struggling to keep pace with inflation, and suggested Wesfarmers work out a multiple for its executives based on the average wage. But Chairman Bob Emery did not support such a formula. "I just don't think that's the way it operates," Mr Emery said. Despite opposition to Wesfarmers' executive remuneration, shareholders overwhelmingly approved the measure. Many companies have not fared as well, Harvey Norman the most notable, with three-quarters of shareholder votes opposing its executive remuneration. Seven Group shareholders recently delivered a first strike - a no vote of at least 25 per cent - against its executive pay. Virgin Australia, Myer and Ten Network executives have all recorded significant shareholder votes against their pay packets, without recording a strike.