Tamsyn Parker

Money Editor for NZ Herald

Head of BNZ given 10pc pay rise

BNZ chief executive Andrew Thorburn. Photo / Supplied
BNZ chief executive Andrew Thorburn. Photo / Supplied

Bank of New Zealand chief executive Andrew Thorburn had his pay package boosted by 10 per cent in the last financial year to A$2.89 million ($3.68 million).

Thornburn's pay rise is in line with New Zealand's other major bank bosses. Both ANZ New Zealand chief executive David Hisco and Westpac New Zealand boss Peter Clare received 11 per cent remuneration increases in the last year.

Hisco's package was the largest of the three bank chiefs at A$3.26 million ($4.15 million). Clare's total remuneration was A$2.97 million ($3.78 million).

Thorburn received a higher cash salary and more non-montary benefits which include motor vehicle benefits, parking, health fund benefits and peronal tax advice.

But his short term incentive cash benefit, and superannuation benefit was lower for 2012.

The Bank of New Zealand made a near record profit in the year to September 30. Its cash earnings rose by 21.1 per cent to $741 million.

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