"It's a kicker for getting the IPO [initial public offering] away but most people would argue that is part of his job," Ulysses Chioatto, former executive director at Institutional Shareholder Services, said.

A 58-year old trained industrial engineer, Mr Savvides will retain his current $1.2 million salary but also be eligible for a $840,000 annual bonus, in addition to the $750,000 IPO bonus, if the listed insurer achieves a forecast $250 million profit.

A former chief executive of Sigma Pharmaceuticals, Mr Savvides will also be granted performance rights worth $1.2 million in the company, as part of a $3 million pool of performance rights granted to the executive team.

Martin Lawrence, director of ­government advisory firm Ownership Matters, said while Mr Savvides' job title remained the same, he and his executive team would bear more responsibility and face greater scrutiny.

"It is going to be much more challenging, because they're going to have to deal with a lot more shareholders," he said.