Big four CEOs reap A$44 million in rewards
(18 November 2010 – Australia) The chief executives of the nation’s big four banks took home a collective remuneration package of around A$44 million between them in 2010, an increase of around 23 percent on last year.
The collective jump was primarily driven by the almost A$7 million increase received by Ralph Norris salary, who took away A$16 million through his long-term share incentive scheme.
However the increase in earnings was not even across the big four board, with Westpac’s chief executive Gail Kelly experiencing a year-on-year drop.
Mike Smith of ANZ was hit with a virtual "freeze" and the National Australia Bank’s chief, Cameron Clyne’s salary levelled out for his first year on the job.
According to the Sydney Morning Herald, an analysis of the four's respective cash, short-term bonus and long-incentive scheme payments disclosed in the major banks' annual reports show that their combined rewards rose by A$8.2 million in 2010 compared with a year ago.
That is largely reflected by the granting of deferred equity and performance-related share options in a year in which the big four banks turned in combined record cash profits of about A$22 billion.
However, when these are excluded - such as those granted to Mr Norris - there has been very little movement in their fixed take-home salaries, their cash bonuses and their short-term equity incentives compared with last year.
However the increase in earnings was not even across the big four board, with Westpac’s chief executive Gail Kelly experiencing a year-on-year drop.
Mike Smith of ANZ was hit with a virtual "freeze" and the National Australia Bank’s chief, Cameron Clyne’s salary levelled out for his first year on the job.
According to the Sydney Morning Herald, an analysis of the four's respective cash, short-term bonus and long-incentive scheme payments disclosed in the major banks' annual reports show that their combined rewards rose by A$8.2 million in 2010 compared with a year ago.
That is largely reflected by the granting of deferred equity and performance-related share options in a year in which the big four banks turned in combined record cash profits of about A$22 billion.
However, when these are excluded - such as those granted to Mr Norris - there has been very little movement in their fixed take-home salaries, their cash bonuses and their short-term equity incentives compared with last year.
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