In our FY25 Board Remuneration Report, we analysed Chair and Non-Executive Director remuneration across 69 ASX-listed health care and biotechnology companies.

Across the sector, total average remuneration increased materially, with Chair remuneration up 15.4% to $220k and Non-Executive Director remuneration rising 17.7% to $132k. Growth was largely driven by a greater use of share-based payments, particularly among smaller-capitalisation companies.

Fixed remuneration remained relatively controlled, increasing by 5.4% for Chairs and 11.1% for Non-Executive Directors, reflecting continued cash discipline by Boards.

Outcomes varied sharply by market capitalisation, with strong increases in large-cap boards, softer outcomes in the mid-cap segment, and growing reliance on equity in sub-$100m companies. Gender diversity also continued to improve, with female representation reaching 35%, although nearly a quarter of Boards still have no female directors.

For Chairs, directors and remuneration committees, the report provides clear, sector-specific benchmarks and insight into how Boards are balancing governance expectations, capital constraints and director retention.