Mike Smith, the chief executive of ANZ has remained the highest paid banking official in Australia after his remuneration package rose to from $9.7 million to $10.1m for the whole 2012 financial year.
The rise in salary for the head of Australia's third largest bank as well as an increase in the remunerations of key executives has come just months after Mr. Smith announced a freeze on executive salaries. The increase in salaries was announced in the company's annual report.
Mr Smith's base salary remained at $3.15 million in the year till September but his short-term cash incentives rose to $1.9 million compared to $1.75 million in the previous year. The bank's annual report, which was released on Friday, stated that Mr. Smith received $5.2 million in cash and received $4.95 million worth of shares.
The short-term incentives of M. r Smith increased as the bank reported higher than target shareholder returns and it also met the target with an annual result of $6.01 billion. The bank's chief financial officer Shayne Elliott also received a higher short-term incentives and long-term incentives, which resulted in an increase of his total pay to $4.5 million.