Westpac trims Kelly's pay package to $9.18m
Westpac's annual report shows that Mrs Kelly's total remuneration was $9.18 million for 2013, down from $9.59 million the year before.
The package includes fixed remuneration of $2.96 million, plus a $2.66 million cash bonus not yet paid. Restricted shares and share rights totalled $3.47 million.
However, including performance hurdles that vested during the year, the total pay that Mrs Kelly took home in 2013 was $10.99 million.
By contrast, the CEO of the country's biggest bank Commonwealth Bank, Ian Narev, was paid $7.8 million in 2013.
Rival lenders ANZ and National Australia Bank are yet to release their annual reports detailing executive remuneration. ANZ boss Mike Smith was paid $10.1 million in 2012 and NAB head Cameron Clyne was paid $8.1 million.
Recent research by the Australian Council of Superannuation Investors and proxy advisory company Ownership Matters showed the average fixed salary for an ASX 100 executive fell 2.6 per cent to $1.9 million in the 2012 financial year. Including bonuses, Australia's top bosses took home an average of $4.7 million, a touch lower than $4.72 million in 2011.
Westpac's annual report follows the bank announcing a record profit of $7.1 billion for the latest year, up 8 per cent, and a 17 per cent jump in dividends. Its full-year result was underpinned by its flagship Australian Financial Services division, where profits jumped 12 per cent to $4.48 billion.
In a letter to shareholders on Wednesday, chairman Lindsay Maxsted said Westpac remained positive about the outlook for Australia "as the economy continues to emerge from a prolonged period of low business and consumer confidence".
"We expect the transformation of our industry to continue as demographic shifts, heightened use of digital communications and the rise of Asia continue to reshape the operating environment."
Pay day
$9.2m Gail Kelly, Westpac
$7.8m Ian Narev, CBA
$10.1m Mike Smith, ANZ*
$8.1m Cameron Clyne, NAB*
*2012
Frequently Asked Questions about this Article…
Gail Kelly's pay package at Westpac decreased in 2013 due to a reduction in her total remuneration from $9.59 million in the previous year to $9.18 million. Despite this decrease, she remained one of Australia's best-paid executives.
In 2013, Gail Kelly's remuneration was $9.18 million, which was higher than Commonwealth Bank's CEO Ian Narev, who earned $7.8 million. However, it was lower than ANZ's Mike Smith, who earned $10.1 million in 2012.
Gail Kelly's 2013 pay package at Westpac included a fixed remuneration of $2.96 million, a cash bonus of $2.66 million, and restricted shares and share rights totaling $3.47 million.
Including performance hurdles that vested during the year, Gail Kelly took home a total pay of $10.99 million in 2013.
Westpac announced a record profit of $7.1 billion for the latest year, marking an 8% increase, and reported a 17% jump in dividends. The Australian Financial Services division significantly contributed with a 12% profit increase to $4.48 billion.
Westpac remains positive about the outlook for Australia, expecting continued transformation in the industry due to demographic shifts, increased digital communication, and the rise of Asia, as the economy emerges from a period of low business and consumer confidence.
Recent research indicated that the average fixed salary for an ASX 100 executive fell by 2.6% to $1.9 million in the 2012 financial year. Including bonuses, the average total pay for top executives was $4.7 million, slightly lower than $4.72 million in 2011.
Westpac identifies demographic shifts, heightened use of digital communications, and the rise of Asia as key factors reshaping the operating environment and driving the transformation of the banking industry.
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