21st Century Fox Executive Chairman Rupert Murdoch received a substantial bump in his annual compensation for the fiscal year ended June 30. According to The Hollywood Reporter, Murdoch received $34.6 million, up 24% from the $27.9 million he received a year earlier, when he was also the company’s CEO.
“A regulatory filing on Friday showed that the change was driven mostly by the way the company accounted for the value of his pension. The pension figure is not based on actual money, but an estimate based on Securities and Exchange Commission rules,” THR reports.
The company said in the filing: “The change in pension value in the fiscal year ended June 30, 2016, was primarily due to a reduction in prevailing interest rates in the credit markets.”
THR adds: “Rupert Murdoch’s salary was unchanged at $7.1 million, his stock awards rose from $5.1 million to $6.4 million and his non-equity incentive plan payout was unchanged at $9.765 million.”