Tabcorp has defended paying chief executive Gillon McLachlan a generous bonus scheme, pointing to the company’s turnaround in the last 12 months.

According to the Australian Shareholders’ Association (ASA), the former AFL boss could be given an $18m cash bonus if Tabcorp’s pre-tax earnings rise by 10 per cent in 2027.

The betting giant posted a $36m net profit after taxes in 2024 when Mr McLachlan’s bonus was negotiated.

In response to questions about Mr McLachlan’s salary at Tabcorp’s annual general meeting on Monday, chairman Brett Chenoweth said “we are very happy with the structure of the remuneration for our chief executive and his performance”.

Ninety-six per cent of shareholders voted in support of Mr McLachlan’s bonus on Monday.

“Just to remind you when the options scheme was

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