ANZ chief executive Mike Smith’s annual pay has grown to $10.1 million, putting him on track to be Australia's best paid bank boss.
Mr Smith’s base salary of $3.15 million in the year to September 30 was unchanged from the previous year, but short-term cash incentives rose to $1.9 million, from $1.75 million in the previous year.
ANZ’s annual report, released on Friday, showed Mr Smith was paid $5.2 million in cash, and received $4.95 million worth of shares, taking his total remuneration up four per cent from the previous year’s $9.7 million.
Mr Smith is likely to be the highest-paid bank chief executive in the 2011-12 fiscal year.
Westpac chief executive Gail Kelly was paid $9.6 million in the 12 months to September 30, of which $5.3 million was paid in cash. Commonwealth Bank chief executive Ian Narev was paid $5.7 million in the year to June 30.
The details of National Australia Bank chief executive Cameron Clyne’s pay will be released on Monday. Mr Clyne was paid $5.3 million in the 2010-11 fiscal year, and the bank’s profit dropped by 22 per cent in the 2011-12 year.
ANZ said Mr Smith’s short-term incentives rose as the bank beat its targets for shareholder returns, and met its underlying profit target with an annual result of $6.01 billion.
ANZ’s recently appointed chief financial officer Shayne Elliott also received a boost to his short-term incentives and long-term incentives, which took his total pay to $4.5 million, up from $2.8 million in the previous year.
Pay for ANZ’s remaining executives was either steady or in line with recent promotions.