Westpac chief takes pay cut - earns just $3.16m

Westpac CEO Peter Clare addresses media with the company's half year results. 3 May 2012 New Zealand Herald Photograph by Greg Bowker

Westpac's New Zealand boss earned more than $3 million in 2013 despite taking a pay cut.

Peter Clare's total package fell 6 per cent to $3.16 million according to an annual report released by the bank today.

Clare's package dropped despite the New Zealand business increasing its cash profits by 9 per cent to $770 million for the year to September 30.

Clare's base salary, short term cash incentives and share rights all went up. But he received a lower level of non-monetary benefits, superannuation benefits and restricted shares.

Clare, who became the boss of Westpac New Zealand in April 2012, also received a long-service leave payment in 2012 which helped boost his remuneration for that year.

However his pay package is well short of predecessor George Frazis who controversially earned $5.59 million in the bank's 2010 financial year.

Westpac's Australian boss Gail Kelly also took a pay cut in 2013. Her package was worth A$9.18 million ($10.37m) in 2013 down from A$9.59 million ($10.83m).

Rival banks BNZ and ANZ are also due to release the remuneration figures for their executives over the coming week.

Peter Clare, Chief Executive Officer, Westpac New Zealand Limited

Total Remuneration down 6 per cent

2013 A$2,796,201 NZD$3,163,108.56

2012 A$2,974,708 NZD$3,365,056.13

Westpac Profits

Cash earnings up 9 per cent

2013 NZD$770m

2012 NZD$707m