ANZ’s Smith Top Paid Banker for 2012 After Getting $10M Annual Pay

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By Esther Tanquintic-Misa | November 16, 2012 7:25 PM EST

Mike Smith, chief executive of Australia & New Zealand Banking Group Ltd., remained Australia's top paid banker as he netted a $10 million annual pay for the 2012 financial year.

The annual report that was released on Friday said that the base salary of the top guy at ANZ remained basically unchanged from the previous year, standing at $3.15 million in the year to September 30, largely due to the pay freeze for senior executives that the bank introduced in 2011

What boosted Mr Smith's total earnings for the 2012 financial year were the short-term cash incentives, which jumped to $1.9 million from $1.75 million a year ago.

He likewise pocketed $5.2 million in cash, as well as collected $4.95 million worth of shares, thus boosting his total remuneration by four per cent from the $9.7 million he received previously.

All considered, Mr Smith remains as Australia's top paid banker. His counterpart at Westpac, Gail Kelly, only received $9.6 million in the 12 months to September 30, of which $5.3 million was paid in cash.

Ian Narev, top guy at Commonwealth Bank, the country's biggest bank by far, received only $5.7 million in the year to June 30.

The last to publish its report among the top Australian big banks is the National Australia Bank. But analysts surmise that Mr Smith would still likely be Australia's top paid banker judging from the pay amount that NAB Chief Executive Cameron Clyne received the previous year, which was $5.3 million in the 2010-11 fiscal year. Moreover, the bank's profit fell in the 2011-12 year by 22 per cent.

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