Bosses at some state-owned enterprises are continuing to be rewarded pay increases, while their companies' profitability tanks

Treasury figures show 30 percent of the companies consistently under-perform, in some cases significantly.

Farming company Landcorp was singled out, as its chief executive's pay climbed from 760-thousand dollars in 2021/22 to 927-thousand in 2023/24.

The company's profit nearly halved to 36.3 million dollars during that time.