Westpac's New Zealand chief executive George Frazis appears to have set a new record for executive pay in New Zealand.
Figures included in Westpac's annual report show Frazis had a total remuneration package of A$4.386 million in the year to September 30.
When converted to New Zealand dollars that puts him on $5.59 million, well ahead of both Fonterra boss Andrew Ferrier and Telecom chief executive Paul Reynolds.
Ferrier's pay package jumped by nearly $1.5 million this year to a range with an upper limit of $5.11 million for the year ended July 31.
Reynolds was New Zealand's highest paid chief executive in the year to June 30 2009 on a pay package worth $5.41 million but dropped down to $5.15 million this financial year.
Frazis's package included fixed remuneration of A$967,330, short term benefits of A$1,586,363 and a superannuation payment of A$14,586.
He also received options worth A$399,634 and share rights valued at A$1,418,395.
Frazis joined Westpac in March 2009 from National Australia Bank - the parent company of the BNZ.
Westpac had struggled to fill the top job prior to Frazis joining the firm.
Previous chief executive Brad Cooper left the role in June 2008 after just over a year to move back to Westpac's Australian parent company.
His predecessor Ann Sherry was chief executive for four-and-a-half years but resigned from Westpac after she was moved sideways to head up the group's Pacific banking division on the back of poor performance from the New Zealand division.
Earlier this month Westpac New Zealand reported a net profit after tax up 36 per cent to $322 million after the bank slashed its impairment charges by 39 per cent to $347 million.