We mentioned the $2 million annual pay for the departing bnz boss in a recent post. But that has been revealed to be modest compared with what the boss of the NZ division of ANZ Bank gets. According to the annual report, in the last financial year, he got an A$3.8 million remuneration package, equal to NZ$4.22 million, making him the country's highest-paid executive.
Needless to say, bank workers are unhappy about it, especially when he offers them measly pay. First Union's retail and finance secretary Maxine Gay said Hisco earned 120 times more than the lowest paid bank worker. "That's $80,000 a week, more than most bank workers earn in a year," she said.
The ANZ annual report also reveals executives including Hisco are entitled to a juicy severance package, with 12 months worth of fixed remuneration for redundancy. Because of Hisco's long service with the bank, if he retires he will receive an allowance worth 65 per cent of his fixed remuneration, plus 3 per cent for each year served beyond 10 years, less long service leave. Hisco has been with the bank for more than 30 years, implying an additional 60 per cent.
Something to contemplate when you add up your annual bank fees.
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