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Westpac boss takes home $5.1m

AAP logoAAP 9/11/2016

Westpac's Brian Hartzer has finished his first full year as chief executive with a $5.1 million pay packet.

Mr Hartzer was paid a salary of $2.8 million and got a cash bonus of $1.3 million. He also received $1 million in shares earnt in the previous year.

But Westpac's long-term executive bonuses from the preceding three years were not awarded, as the bank failed to meet its targets on both shareholder returns and cash earnings per share.

Commonwealth Bank chief executive Ian Narev took home $12.3 million in total pay in the year to June 30, as Australia's largest lender made a record annual cash profit of $9.45 billion.

Mr Narev's fixed salary was $2.65 million, and he got a cash bonus of $1.4 million. He received a further $1.6 million in cash bonuses earnt from previous years, and $6.6 million in shares deferred from previous years.

ANZ chief executive Shayne Elliott took home $5.6 million in 2015/16, with a salary of $1.9 million, $775,000 million in short-term bonuses, and $2.9 million in shares that will vest in future years.

National Australia Bank will reveal the size of CEO Andrew Thorburn's pay packet when its annual report is released to shareholders in the coming weeks.

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