Frazis gets second-biggest pay packet among Westpac execs in 2011

Monday 14th November 2011

Westpac New Zealand’s chief George Frazis scooped the second-biggest pay packet among the Australasian banking group’s executives after picking up A$1.93 million in bonuses from earlier years.

Frazis was paid A$4.13 million in the year ended Sept. 30, second only to group chief executive Gail Kelly’s A$8.68 million for the same year, and beating Westpac Treasurer Curt Zuber and head of Westpac Institutional Bank Rob Whitfield. The New Zealand unit contributes about 5.5 percent of earnings to the group.

Frazis was New Zealand’s highest paid executive in the 2010 financial year.

Stripping out deferred payments, Frazis stands to net A$3.54 million for the 2011 financial year, down from A$4.39 million in the 2010 year. That’s in a year where Westpac’s New Zealand unit was one of the stand-out performers for the group, boosting its cash earnings an annual 41 percent to NZ$454 million and beating the 10 percent lift in Westpac’s group profit to A$7 billion.

Frazis’ package was included in the bank’s annual report, which was released to the market on Friday.

He joined Westpac in March 2009. He was previously general manager at National Australian Bank

(BusinessDesk)

BusinessDesk.co.nz

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