ASB CEO Vittoria Shortt's pay packet revealed

ASB CEO Vittoria Shortt. Photo / File

Vittoria Shortt received A$2.31 million ($2.42m) in total remuneration in her first full year as ASB bank chief executive, statutory accounts reveal for the first time.

Shortt, who moved in February 2018 from a group executive role at the Commonwealth Bank of Australia to head up New Zealand subsidiary ASB, earned a base salary of $937,427 in the year to June 2019, CBA accounts show.

The balance was made up by various incentive payments, superannuation and non-monetary benefits.

The figure compares with the A$2.7m ($2.88m) she received the previous year, which included the seven months before she stepped up to lead the local branch of the bank.

CBA chief executive Matt Comyn received total pay of A$4.36m in the year to June 2019.

Bank of New Zealand chief executive Angela Mentis remains the highest paid bank CEO in New Zealand based on latest available information.

She received statutory remuneration of $3.8m (A$3.57million) last financial year, according to the bank's annual report.

That was higher than recently departed ANZ boss David Hisco's $3.76m (A$3.53m) despite ANZ New Zealand's profit of nearly $2b being almost double that of the BNZ.

Westpac CEO David McLean received $2.42m (A$2.27m) in the 2018 financial year.

ASB has a different reporting period to the other major Australian-owned banks.

Banking executive remuneration remains in the spotlight after Hisco left his job under a cloud relating to his expenses - including the use of chauffeur-driven cars and private wine storage.

The bank has also faced scrutiny over its disclosure of the sale of an Auckland residential property to Hisco's wife.

This week ANZ said it will abolish individual performance bonuses for most employees in response to concerns the payments incentivise misconduct and lead to disservice for customers.

The move follows the damning report by Australia's banking royal commission that found individual bonuses paid to bank staff were behind aggressive product mis-selling.