ANZ chief executive’s pay revealed
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).
Chief executive David Hisco 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. His 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 agreed to take a 20 per cent pay cut. It’s unknown if the New Zealand board, chaired by former prime minister Sir John Key, will feel any impact from the recent conduct concerns around banks. —