Deloitte Australia CEO admits he isn't worth his $2.3 million pay package in a public hearing over salaries and misconduct at consultancy firms

• Deloitte executives were questioned about the company's integrity at a public hearing on Monday.
• During the hearing, Deloitte Australia's CEO Adam Powick admitted to being overpaid.
• Powick reportedly earns $3.5 million AUD ($2.3 million).

The CEO of Deloitte Australia admitted to being "incredibly privileged" for his hefty $3.5 million AUD ($2.3 million) pay packet at a public hearing on Monday, according to various local news reports.

Adam Powick - who has served as CEO since April 2021 according to his LinkedIn - attended the hearing alongside three other Deloitte executives, where they were grilled about the integrity of the services provided to the government as well as employee misconduct and salaries.

The hearing is part of a more extensive inquiry about consulting firms in Australia after eight partners were fired at PWC Australia for leaking confidential information about government tax plans to help multinational companies evade more tax, per Reuters.

When the senate committee requested a breakdown of how many Deloitte employees earned above $1 million AUD ($684,000), the company's chairman Tom Imbesi said they couldn't reveal this due to "commercial sensitivities," Australian public news site ABC News reported.

Senator Barbara Pocock responded: "So, providing the number of people in million-dollar bands is something you're not comfortable giving to the Australian public given that last year you took $712 million AUD ($487 million) of public money?"

Powick later disclosed that the average base salary for partners was between $500,000 and $600,000 AUD ($340,000 and $410,000).

The CEO, who reportedly earns $3.5 million AUD ($2.3 million), was then asked by Pocock: "Are you really worth seven times the salary of the Australian prime minister?"

He responded "no," and went on to say: "I happen to deeply recognize that I'm incredibly privileged to earn what I do for what I do," per ABC News.

Insider reached out to Deloitte for further comment but didn't immediately hear back.

Australia's Prime Minister Anthony Albanese reportedly earns a salary of $549,250 AUD ($376,000) from his position in government.

The Deloitte executives also faced questioning about 121 substantiated staff complaints made in 2023 with 40% related to bullying, 22% to sexual harassment, 12% to discrimination, and 10% in regards to mishandling confidential information, ABC News wrote.

Deloitte chief risk officer Sneza Pelusi revealed that only one complaint, which was related to fraud, was referred to the regulator - The Australian Securities and Investments Commission.