Bank bosses’ pay packets revealed
AUCKLAND: BNZ chief executive Angela Mentis’ pay package was worth $500,000 more than her nearest New Zealand rival, annual reports show.
Mentis, who took up the top job in January 2018, had total remuneration worth $2.43 million in the year to September 30.
That was down from $3.07 million in the prior financial year but remains substantially higher than the chief executives of ASB, Westpac and the country’s largest bank, ANZ.
A BNZ spokesman said Ms Mentis’ salary reflected the complexity of her role.
‘‘It includes nonmonetary benefits related to her relocation in New Zealand, superannuation and other equitybased benefits such as shares and rights.
‘‘In July, to reflect the challenging environment, Angie and the BNZ executive team have forgone their shortterm cash bonuses for this financial year. In addition, the BNZ board also made the decision to donate 20% of their directors’ fees to charities that support vulnerable people.’’
Ms Mentis received a cash salary of $A1,304,386 ($NZ1,380,842), which was up from the previous year’s $A1,302,491.
Her nonmonetary benefit fell from $A309,404 to $A246,600.
Nonmonetary benefits can include relocation costs including temporary accommodation, furniture rental, utility costs, dependant travel costs, insurance, stamp duty, associated fringe benefit tax and other benefits. For international assignees, this may also include health fund benefits and tax advice.
Ms Mentis’ superannuation, other longterm benefits, and sharebased benefits were at similar levels to the previous year, but the value of her rights dropped from $A1,066,590 to $A513,167.
She also has a loan with the bank which was $A681,362 at the start of the financial year but fell to $A442,183 by September 30.
The nearest to her was ASB’s Vittoria Shortt who had a package worth $1.93 million in the year to June 30.
Ms Shortt took a more than $500,000 hit to her pay package in the bank’s latest financial year after her shortterm bonus was slashed.
Figures from the annual report of ASB’s parent Commonwealth Bank of Australia show Ms Shortt received total remuneration of $A1.83 million in the year to June 30, down from $A2.3 million the previous year.
Although her base pay rose from $A937,427 to $A948,383, Ms
Shortt’s employer superannuation contribution dropped.
It was her cash shortterm variable reward or bonus that fell the most, dropping from $A940,777 to $A385,239.
The next highest was Westpac’s David McLean on $1.9 million.
Mr McLean also took a big pay cut; his remuneration dropped from $A2,285,010 in 2019 to $A1,799,937, a fall of $A485,073.
While Mr McLean’s fixed remuneration rose from $A861,551 to $A989,209, he received no cash shortterm variable reward. All the bank’s executives had to forgo this bonus.
His nonmonetary benefits rose from $A1194 to $A3497, while his superannuation benefit also rose from $A87,710 to $A94,548. The value of his awarded share rights also fell from $A907,580 to $A712,683.
The annual report also shows he increased his loan from the bank from $A625,816 to $A681,206. Mr McLean has been with the bank since 1999 and New Zealand chief executive since 2015.
Surprisingly, ANZ New Zealand chief executive Antonia Watson was the lowestpaid of the big four banks, despite ANZ being the largest bank. But she is the most recent appointment.
Ms Watson officially became chief executive of the ANZ in December last year but had been in an acting position since June, after former chief executive David Hisco left the bank following an investigation into personal expenses.
According to the bank’s statutory remuneration disclosures, Ms Watson’s package was worth $A1,793,639 for the year to
September 30.
In Australia, Ross McEwan, the chief executive of National Australia Bank, the parent of the BNZ, was the lowest paid of the bigfour bank executives.
Mr McEwan, a New Zealander, earned $A2.42 million. Westpac’s chief executive earned $A3.5 million, while Commonwealth Bank of Australia chief executive Matt Comyn earned $A3.9 million. ANZ chief executive Shayne Elliott, also a New Zealander, had a total package worth $ 7.25 million. — The New Zealand Herald