Finance Finance News Westpac’s CEO Gail Kelly paid $9.2m

Westpac’s CEO Gail Kelly paid $9.2m

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Westpac boss Gail Kelly’s annual pay has fallen slightly, but remains above $9 million.

Ms Kelly earned $9.2 million in cash and shares in the year to September 30, down from $9.6 million in the previous year. But she maintains her position as one of Australia’s highest paid executives.

She received $5.65 million in cash, up slightly from the previous year because of a larger bonus payment.

Westpac’s annual cash profit rose by eight per cent to a record $7.1 billion in 2012/13.

The remainder of Ms Kelly’s remuneration for the year was mostly made up of shares she will receive in coming years if long-term performance targets are met.

Westpac’s annual report, released on Wednesday, shows Ms Kelly received $5.3 million in shares in the 2012/13 year as part of deferred bonuses awarded in previous years.

Commonwealth Bank chief executive Ian Narev earned $7.8 million in his bank’s 2012/13 year.

Remuneration details for ANZ boss Mike Sith and National Australia Bank chief executive Cameron Clyne are expected to be released in the coming week.