Bank of New Zealand boss Angie Mentis has had her pay package cut by $765k to $3.08 million for the year to September 30.

Details of Mentis' pay were reported today as part of the National Australia Bank's annual financial report.

Last week, the board of NAB, which owns the Bank of New Zealand, announced it had decided its executive leadership team would not get paid a short-term bonus, or get a rise in their fixed remuneration for its latest financial year.

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That decision included Mentis, who moved over to take the top job at the New Zealand bank at the start of 2018 from NAB where she held a top-level role as chief customer officer business and private banking.

Phil Chronican, board chairman and acting CEO for NAB until its new boss Kiwi banker Ross McEwan starts next month, said in a statement to the ASX that while the underlying business performance for its 2019 financial year had been solid, the bank had not achieved benchmarks on some financial and non-financial results.

"While we have made progress, it is not enough to be recognised in executive short-term variable rewards in 2019."

The report shows Mentis' statutory remuneration fell from A$3.6m ($3.83m) in 2018 to A$2.91m ($3.08).

Her cash salary still rose by nearly A$100k increasing from A$1,203,364 to A$1,302,491.

But she wasn't paid a variable reward which last year earned her A$571,200.

Mentis' non-monetary benefits also dropped in value falling from A$383,931 to A$309,404. Those benefits include motor vehicle benefits, parking, relocation costs, travel for family members, gifts and other benefits for overseas postings like health fund benefits and tax advice.

Despite the cut, she was highest-paid executive still employed by the National Australia Bank.


Andrew Thorburn, NAB's former chief executive who resigned earlier this year in the wake of fall-out of Australia's Royal Commission, had negative remuneration of A$4.98m.

Thorburn forfeited A$21m worth of deferred variable rewards when he left the bank.

In total, the NAB executive team received A$13.7m down from $30.9m the year before.

NAB was highly criticised in the banking Royal Commission and its former chief executive Thorburn and former chairman Ken Henry resigned as a result.