ANZ bank's New Zealand boss saw a $300k cut in his pay packet this year but still banked more than $3.35 million (A$3.12m).

David Hisco, chief executive of New Zealand's largest bank, oversaw a nearly $2 billion net profit during the bank's year to September 30.

But a less favourable exchange rate saw his remuneration fall from $3.65m (A$3.395m) the year prior.

Hisco's base pay fell from A$1.195m to A$1.17m, while his variable remuneration fell from A$2.2m to A$1.95m.


Meanwhile, ANZ's Australian chief executive Kiwi Shayne Elliot saw his pay package fall by nearly $1m over the year.

Elliot's remuneration reduced from A$6.2m to A$5.25m after his variable remuneration was cut in the wake of conduct issues raised in Australia's Royal Commission.

Across all staff, including executives, ANZ's incentive scheme was cut by A$124m compared to the prior year in the wake of the reputational damage done to the bank.

In its annual report Ilana Atlas, chair of the ANZ's human resources committee, said it had been a difficult year for the bank and the industry.

"While we recorded a solid financial result, particularly in our institutional and New Zealand businesses the board acknowledges the significant community concern as a result of our failures highlighted in the Royal Commission.

"Given this has impacted our corporate reputation and economic profit, variable remuneration at all levels of ANZ has been materially reduced from the prior year."

The non-executive members of ANZ's Australian board who served in its 2018 financial year have also agreed to take a 20 per cent pay cut in the 2019 year.

But it's unknown if the New Zealand board, whose chair is former prime minister Sir John Key, will feel any impact from the recent conduct concerns around banks.

On Monday, New Zealand regulators the Financial Markets Authority and Reserve Bank of New Zealand found there are "significant weaknesses" in the way New Zealand banks govern and manage conduct risks, and changes need to be made.

A spokeswoman for ANZ New Zealand said as the local arm wasn't listed, director remuneration wasn't disclosed.

Meanwhile Westpac New Zealand chief executive David McLean saw an increase in his remuneration from A$1.707m ($1.83m) to A$1.769m ($1.9m).

McLean's base pay increased from A$864,889 to A$900,613 while his cash bonus increased from A$412,570 to A$498,439. He received a lower amount for a vested prior year deferred short-term reward, which fell from A$430,410 to A$A370,211.

Westpac's Australian CEO and executives all had their short-term variable rewards reduced as a result of the Royal Commission fall-out but McLean was excluded from this.