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ANZ's CEO pay packet closes in on $11m

ANZ boss Mike Smith has enjoyed a small pay rise, with his remuneration rising to nearly $11m ahead of his departure from the bank in 2016.

ANZ Bank chief executive officer Mike Smith
ANZ's outgoing CEO Mike Smith annual pay packet has ticked higher to just under $11 million. (AAP)

ANZ's outgoing chief executive Mike Smith annual pay packet has ticked higher to just under $11 million.

Mr Smith, who is stepping down in January, had his total remuneration increased to $10.8 million in fiscal 2015, up from $10.4 million the previous year.

His cash salary rose slightly to $3.3 million while his cash bonus was held steady at $2.05 million.

Mr Smith, who is one of Australia's top paid executives, also stands to receive up to $1.9 million worth of ANZ shares, down from $5.35 million in the previous year.

The ANZ boss's pay dwarfed that of his counterpart at the Commonwealth Bank, Ian Narev, whose pay fell to just under $8 million.

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Westpac and National Australia Bank are yet to reveal what their senior executives were paid in 2014/15.

Mr Smith's pay packet continues to outsize those received by the bosses of the country's other largest companies - BHP Billiton and Rio Tinto.

BHP's boss Andrew Mackenzie's pay fell more than 40 per cent to $US4.58 million in 2014/15 while Rio boss Sam Walsh's remained fairly steady around $9 million.

In October, Mr Smith presented his final set of financial results for ANZ before he hands over to chief financial officer Shayne Elliott on January 1.

But while ANZ's net profit rose three per cent to a record $7.49 billion and its cash profit lifted one per cent to $7.22 billion, shareholders were disappointed the bank held its final dividend flat at 95 cents a share.


2 min read

Published

Updated

Source: AAP



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