Westpac CEO Peter Clare addresses media with the company's half year results. 3 May 2012 New Zealand Herald Photograph by Greg Bowker
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 by9 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.
