CEO salaries suggest support for substantial pay rises

Monopoly BoardThe most recent annual reports of some of New Zealand’s largest financial institutions suggest that they support substantial pay increases, at least in some situations.

For instance ANZ CEO John McFarlane received a AU$300,000 increase in his total remuneration package taking him to AU$7,209,922. His man in New Zealand, Graham Hodges, is recorded as being on a mere AU$2,148,468 total remuneration but that was before moving to New Zealand and taking over ANZ National.

National Australia Bank Managing Director JM Stewart received a 12.5% increase taking his total remuneration to AU$5,932,665 and his man in New Zealand, Peter Thodey (the CEO of BNZ), got a 32% increase, making his total remuneration package AU$2,262,240.

Westpac’s CEO, David Morgan, only got a 2.1% increase to his remuneration, but that AU$187,000 did lift his remuneration up to AU$9,133,730. Meanwhile Westpac’s New Zealand boss, Ann Sherry, got a 6.7% increase taking her remuneration to AU$2,597,829.

Michael Wilkins, the CEO of Promina Group which includes Vero, Asteron, Guardian Trust, Tyndall, AA Insurance, SIS, and others received a 22.3% increase lifting his remuneration package to $2,775,660.

(Thanks to Hector. for the photo)


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