Turnbull our richest pollie
BRW's list of Australia's richest politicians includes some with odd tastes in investments.
Westfield property tycoon Frank Lowy has defended his wealth after topping BRW magazine’s latest Rich 200 list, saying ‘‘I don’t work for nothing’’.
Mr Lowy’s fortune rose by $840 million to $5.04 billion, taking him to the top of the list for the first time after several years at number two, BRW reported yesterday.
But the chairman and founder of Westfield Group told shareholders at its annual general meeting on Thursday he’s deserving of his pay.
‘‘I don’t work for nothing ... I’m entitled to get paid,’’ he said at the AGM in Sydney.
He made the comment while confirming the world’s biggest shopping centre owner will pay a distribution of 64 cents per security to shareholders, based on a payout level between 70 and 75 per cent of its operational earnings. In previous years, Westfield has paid out 100 per cent of earnings.
Mr Lowy went on the defensive after shareholder activist Stephen Mayne suggested one extra cent of distribution could be realised if the three Lowy executives - Frank and his sons Steven and Peter - reduced their pay package from a total of $31 million to $8 million.
‘‘It’s wrong in the first place to lump the three Lowys together,’’ Mr Lowy said. ‘‘They are three different people doing three different jobs and they are entitled to get paid.’’
The well-known philanthropist said he’d rather spend his fortune elsewhere.
‘‘I don’t keep that money I get from the company, I give it away to a lot more deserving causes,’’ he said. ‘‘I don’t think Westfield shareholders are a deserving cause to give them an extra cent.’’
When asked what took him so long to finally top the BRW rich list, Mr Lowy said: ‘‘I’ve worked very hard for it’’.
He has been on the list for 27 years and finally made it to top spot this year to become Australia’s richest person.
Mr Lowy also told shareholders Westfield’s story didn’t begin with a plan to become the largest retail property group by market capitalisation in the world.
'I don’t work for nothing': Westfield property tycoon Frank Lowy. Photo: Craig Golding
‘‘In the beginning, no one could have predicted just how far we would come in these first 50 years,’’ he said. ‘‘My late partner John Saunders and I operated on instinct. We had burning ambition, but we were never entirely sure where that ambition would lead us.’’
He said the pair learnt on the job and worried about paying their next bill.
AAP
