The purpose of this study was to examine the relation between shareholder return and Chief Executive Officer (CEO) remuneration during the global financial crisis (GFC) for the top 20 Australian companies by market capitalisation (ASX 20). The relationship between the base salary, total remuneration, % Change in Total Remuneration and Total Shareholder Return for CEOs from the ASX 20 was poor for both 2008 and 2009. Most CEOs increased their remuneration regardless of the Total Shareholder Return. The average total shareholder return for 2008 was -0.98%. This is in contrast with total remuneration of CEOs in the ASX 20 where the average total remuneration % change was a 41.5% increase. The average total shareholder return for 2009 was -16.2% whereas the total remuneration % change was a 13.4% increase. The relationship between total remuneration and total shareholder return was generally poor, non linear and negative. If the goal of a company is to maximise shareholder returns then an agency problem exists for most companies in the ASX 20. During the GFC the shareholders suffered but for the CEOs it was business as usual.