Westpac chief executive George Frazis has topped executive pay-packet charts, earning $5.59 million from the Australian-owned bank.
The annual salary of Mr Frazis, who has been with the bank since March last year, is revealed in the bank’s annual report for 2010.
Mr Frazis earns fixed remuneration of $A967, 330, topped up by short term benefits of close to $A1.6 million; superannuation benefits of $A14,586; options of $A399,634 and share rights of $A1.4 million.
Converted to New Zealand dollars, the salary is $5,596,639.
The next highest-paid chief executives in this country are Fonterra chief executive Andrew Ferrier, earning $5.11 million and Telecom chief executive Paul Reynolds, earning to $5.15 million, in the last financial year (Dr Reynolds remuneration fell below the $7 million mark as his bonus provision, paid in part in Telecom shares, suffered with his company's decline on the NZX).
Mr Frazis earned $A2.6 million for the time he was at the helm of the bank last year.
Westpac earlier this month revealed an $86 million rise in its full-year net profit to $322 million, as loans and deposit book grew and bad debts fell from last year’s peak.
Westpac was one of at least five major New Zealand companies that imposed some form of pay freeze between February and June 2009.
Salaries were frozen for all employees on management contracts earning $70,000 or more a year.
However, in March this year Mr Frazis announced the freeze was over and the bank would return to its normal salary review process.