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Westpac chief paid $9.5m

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AAP

2012-11-13

Westpac chief Gail Kelly took a $273,000 pay cut this financial year but her pay still exceeded $9.5 million.

The Westpac annual general report states that Ms Kelly was paid a total of $9.591 million for the year to June 30, a 2.76 per cent pay cut on the $9.864 million she was paid the previous year.

While Ms Kelly's fixed remuneration had increased by $100,000 in 2011/12, her short-term benefits and share-based payments fell slightly.

She also received about $17,000 less in superannuation payments.

Chief operating officer John Arthur was paid $2.777 million for the 2011/12 financial year, a pay rise of 26.8 per cent on the $2.189 million he was paid in 2010/11.

Chairman Lindsay Maxsted received a pay rise also. He was paid $677,464 for the 2012 financial year, more than double the $300,345 the year before.

Westpac posted a profit of $5.97 billion for the year to September 30, down 15 per cent on the $5.97 billion in the previous year.

Mr Maxsted said in the report that while conditions continued to be challenging he expected the bank to continue to deliver solid results for shareholders.

"Given Westpac's solid financial performance this year, good momentum across divisions and the further strengthening of the balance sheet, we remain well placed to continue delivering sound, high-quality returns for shareholders," he said.

Westpac said it expected demand for credit to improve slightly during fiscal 2013 and deposits to expand at a relatively high rate.

Kylie Williams