Wesfarmers managing director Richard Goyder received $12.1 million in his final full year at the business.
Wesfarmers is the owner of discount department store brands Kmart and Target Australia.
While Goyder's fixed remuneration was consistent at $3.35 million, his annual incentive packet more than tripled to $4.1 million.
An additional $4.2 million was paid out for long term incentives.
The pay out follows a record annual profit result of $2.87 billion for the 2016/2017 financial year, a 22% surge on the previous year.