ANZ New Zealand’s new chief executive Antonia Watson earned more than $1.9 million in her first full year in charge of the bank.
Watson officially became CEO of the country’s largest bank in December last year but had been in an acting position since June after its former chief executive David Hisco left the bank following an investigation into personal expenses.
ANZ’s annual report shows Watson officially joined the bank’s executive committee on June 17, 2019. She was appointed to the group executive and chief executive of ANZ New Zealand on December 18.
According to its statutory remuneration disclosures Watson earned A$1,793,639 or $1,914,728 for the year to September 30 but received A$1,639,428or $1.75m.
The difference is because some longer-term bonuses are earned in one year but not paid until following years.
Her remuneration included a cash salary of A$975,974, non-monetary benefits of A$11,176, a total cash incentive of A$334,681, superannuation contribution of A$39,625, long service leave accrual worth A$17,383, shares worth A$237,502, share rights worth A$82,845, performance rights worth A$93,742 and shares worth A$711.
Non-monetary benefits can include things such as car parking, taxation services and costs met by the company in relation to in-country benefits.
Watson who has been with the bank since April 2009, has overseen a tough year at the bank in which its cash profit slumped by $562 million or 29 per cent to $1.371 billion as the bank was hit by a rise in credit impairments driven by Covid-19.
Her pay package is much lower than predecessor Hisco who had been with the bank most of his working life and had been chief executive for nearly nine years before his departure.
In 2018, his last full financial year as CEO, Hisco’s remuneration was A$3.12 million.
ANZ group boss Shayne Elliot, who is a New Zealander, earned A$5,225,308 ($5,577,307) up from A$5,181,339 after receiving a big boost to his cash salary.
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