Westpac Chief Takes $1 Million Pay Cut
Gail Kelly, chief executive of Australian banking major Westpac has taken a $1.12 million pay despite delivering a record profit result during the last financial year. Even with the pay cut, Mrs. Kelly still earned a hefty pay package worth $9.58 million.
According to Westpac’s annual report, Mrs. Kelly received a base salary of $2.68 million, and short term incentives worth $2.83 million as a result of Westpac’s performance. Mrs. Kelly’s overall compensation fell because of a decline in the value of shares she received as part of her signing on bonus.
In 2009, Mrs Kelly earned $3.7m worth of shares, but that fell to $1.73m in 2010.
ANZ chief Mike Smith saw his pay packet remain steady at $10.9 million. According to The Australian Mr. Smith received $1.4 million in short term incentives which compensated for a decline in Mr. Smith’s alternative equity allocation which fell to $1.6 million from $3.1 million.
ANZ chairman Charles Goode received a $1.4m termination benefit after retiring at the end of February.
In 2009 Mrs. Kelly was the highest paid Australian chief executive after topping CBA’s Ralph Norris’s pay package. Mr. Norris is this year’s highest paid chief executive, earning $16.2 million.
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