David Hisco, ANZ chief executive. Photo / Sarah Ivey
David Hisco, ANZ chief executive. Photo / Sarah Ivey
ANZ's latest annual report reveals its New Zealand chief executive, David Hisco, received a $4.8 million remuneration package.
But the bank boss has been pipped at the post by Fonterra's Theo Spierings, whose $4.93 million to $4.94 million pay packet - disclosed last month - means he is likely tohave been New Zealand's highest paid CEO in the 2015 financial year.
Hisco's A$4.5 million (NZ$4.8 million) haul in the 12 months to September 30 was a 6.1 per cent increase on the A$4.2 million he received a year earlier.
However, his non-statutory pay - which doesn't include retirement benefits, long service leave accrual and amortised values for share awards from previous years - rose only 1.1 per cent on the previous year.
Originally from South Australia, Hisco has worked for ANZ for more than three decades and took the helm of its local arm in 2010.
His latest pay packet includes a cash salary of A$1.2 million and cash incentives worth roughly the same amount.
Hisco topped the Business Herald's last executive pay survey, which looked at the 2014 financial year.
However, Jacki Johnson, the local boss of Australian insurer IAG - which isn't included in the survey because it isn't listed on the NZX - earned slightly more than Hisco during that period, meaning she was probably New Zealand's highest paid boss last year.
But her pay fell behind Hisco's in the 2015 year, to A$3.8 million ($4.1 million), according to IAG's latest annual report.
ANZ New Zealand reported a 4 per cent lift in annual profit to a record $1.8 billion last month.
Jacki Johnson, CEO of IAG for NZ. Photo / Dean Purcell.
Cash profit, which excludes non-core items, was steady compared with the previous year at $1.7 billion, while operating income rose 3 per cent to $3.9 billion.
ANZ's outgoing group chief executive, Mike Smith, received total remuneration of A$10.8 million ($11.6 million) in his last full year with the firm.
That's over A$4.5 million more than the pay packet his replacement, New Zealander Shayne Elliott, is expected to receive after he takes over the top job at the Melbourne-based bank on January 1, according to the Sydney Morning Herald.
Smith's remuneration was also well up on the A$8.3 million his counterpart at Commonwealth Bank of Australia, Ian Narev, received in the 2015 financial year. Commonwealth is the parent bank of New Zealand's ASB.
Fonterra chief executive Theo Spierings. Photo / Jason Oxenham
But the Australian bank does not disclose the pay of ASB's chief executive, Barbara Chapman.
Meanwhile, former Westpac Banking Corporation chief executive Gail Kelly collected nearly A$12 million ($12.8 million) for her final four months work for the bank.
Westpac's annual report, released yesterday, shows Kelly received cash and share-based payments worth A$11.76 million between October 1 2014 and February 1 this year, when she stepped down.
Her successor, Brian Hartzer, got A$4.1 million for his period in the top job from February 2 to the end of the bank's financial year on September 30.
