Former ANZ chief forfeited millions

Former ANZ chief executive David Hisco earned $843,521 in his final eight months in the role – a significant reduction from the

$3.787 million he earned in 2018 and the $4.143m in 2017.

On top of the pay cut, he forfeited

$7.385m in deferred variable remuneration in the year.

Antonia Watson, who took over from Hisco after his departure, earned $503,199.

Since she took over the top job, her fixed remuneration has been

$800,000 but she has variable remuneration of 300 per cent of that base.

Hisco left ANZ in June after he ‘‘mischaracterised’’ expenses including for corporate cars and wine storage.

The former chief executive had clocked up nearly $450,000 a year at the head of ANZ NZ.

In its remuneration report, released yesterday afternoon, the bank said his departure was a ‘‘clear and public example of the application of meaningful consequences.

‘‘David’s employment was ceased, he was awarded no variable remuneration for 2019 and he immediately forfeited all unvested deferred remuneration which totalled around $7.4m.

‘‘This provided a clear message both internally and externally of the importance of doing the right thing and that this is expected of all our people regardless of seniority.

‘‘No malus was applied to the previously deferred remuneration of the chief executive and disclosed executives during 2019.

‘‘As disclosed in 2018 malus (downward adjustment) was applied to the unvested equity held by former disclosed executives.’’

It said 30 current or former senior leaders applied in the year for code of conduct breaches or findings of accountability for a material event, or otherwise left the bank after an investigation was initiated.

That was about 1 per cent of the senior leader population it said.

Twelve received formal warnings and seven were no longer employees, it said.

Hisco’s departure was a ‘‘clear and public example of the application of meaningful consequences’’.

ANZ NZ