ANZ Banking Group chief executive Mike Smith had a 16 percent pay cut in 2009 to $10.9 million, but according to the bank, he actually received half that amount.
The bank’s annual report released on Monday showed that Smith’s total remuneration for the 12 months to September 30 was valued at $10.935 million, down from $12.963 million in the previous year; but he only received $5.405 million worth of remuneration in the financial year.
“The CEO’s STI payment for the 2009 year has been determined having regard to both the company’s underlying profit for the current year as well as the significant progress achieved in relation to ANZ’s long-term strategic goals,” the report said.
Meanwhile, Smith said in his report to shareholders that there would be continued volatility in the financial markets and the global economy in the current financial year.
“Regulators and business need to work together to identify how we create the right balance between free markets which are the best tool we know for fostering innovation and generating wealth, and ensuring there is a watchful eye from regulators that can help markets avoid overshooting and spinning out of control,” he said.
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