ANZ chief highest paid bank executive

By BN | 11 Nov 2009

ANZ boss Mike Smith's total remuneration for 2009 was close to $13m, making him one of the highest paid CEOs in the country.

The Australian Financial Review's 11th annual study of executive salaries, revealed that Smith ranked third on the list - behind News Corp's Rupert Murdoch and Westfield Group's Frank Lowy, who earned $24.5m and $16.2m (in total remuneration) respectively.

CBA chief Ralph Norris's pay packet is $9.2m, while Westpac CEO Gail Kelly makes $8,539,593 m in total remuneration, slightly ahead of NAB's former chief executive whose pay packet is worth $8,513,608.

Overall, the survey found total packages for chief executives of the top 300 sharemarket-listed companies fell 20% from an average of $2.9m in 2008 to $2.3m in 2009.

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Commented by: Still disgruntled broker at 11 Nov 2009 09:58 AM
Salaries would appear reflective of the power these 4 have in ruining the previously competitive banking, insurance and financial services industries within Australia. Lets hope shareholders decide to cut their income by 1/3 and not allow them or their businesses to trade in areas where they previously did and see how warm and fussy they feel.

Commented by: BBB at 11 Nov 2009 12:14 PM

Given the GFC and the way the ANZ has been able to weather the storm and the recovry in their share price, a case could be made in regards to the level of renumerationto to Mr Smith, which no doubt includes options, but is any person in this country worth this level of income - simple answer NO .
Actually if the people who support the big 4 the most are brokers 9 which we appear to be) and we have seen a cut of 30 % in our gross income from the big 4, surley it is justifable to see a cut in the CEO'S salary packages of the big 4 at the same level of reduction gross income that the brokers suffered. Will it happen - hardly think so. One last comment, if margins improve on brokers introduced business at the big 4 , which appears tp be happening will the big 4 restore the income paid to brokers to previous levels , Hardly think so.

Be assured we all have or should have long memories !!!

Commented by: Damien at 11 Nov 2009 12:54 PM
How absurd.

Commented by: Tony at 11 Nov 2009 03:26 PM
What can we say or do to change this situation? As always absolutely nothing because they are only accountable to themselves for the short term results!!!!! Like I am accoutable for my Super dropping by 40% and back 3-4 yrs in growth and I am responsible for my drop in Commissions because they are cutting back on what they pay me for doing more and more and more!!!!!!!!!!!!!!!!!!!!!!!

Commented by: Kym at 11 Nov 2009 05:51 PM
Absolutley ridiculous!!

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