Westpac’s remuneration structure combines market competitive pay levels to attract and retain talented Directors and Group Executives who have the ability to create shareholder value in the company, with a strong link between executive pay and individual and group performance.
Directors focus on Westpac’s long-term strategic direction and overall corporate performance. As a consequence, Non-executive Director fees are designed to attract and retain appropriately experienced and qualified Board members and are not linked to Westpac’s short-term results.
Executives have a significant portion of their annual remuneration linked to achievement of objectives which are designed to drive long term sustained shareholder value.
The disclosed remuneration for Non-executive Directors, the CEO and Group Executives in 2007 is summarised below. Details including explanation of remuneration components and individual circumstances, are available in the Westpac 2007 Annual Report, available at www.westpac.com.au/investorcentre.
Directors |
Short term benefits |
Superannuation /retiring allowance |
Total |
|
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Ted Evans |
Chairman |
$528,913 | $29,293 | $558,206 |
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Elizabeth Bryan |
Non-executive Director |
$231,002 |
$11,543 |
$242,545 |
|
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Gordon Cairns |
Non-executive Director |
$231,845 |
$12,758 |
$244,603 |
|
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David Crawford |
Non-executive Director |
$239,372 |
$27,240 |
$266,612 |
|
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Carolyn Hewson |
Non-executive Director |
$250,793 |
$24,685 |
$275,478 |
|
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Peter Wilson |
Non-executive Director |
$294,838 |
$12,758 |
$307,596 |
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Executives |
Short term benefits1 |
Other benefits3 |
Super- annuation |
Equity settled remuneration |
Total |
|
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 |
|
|
|
|
|
|
David Morgan |
Chief Executive Officer |
$5,457,000 |
$836 |
$1,407,077 |
$3,705,529 |
$10,570,442 |
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Ilana Atlas |
Group Executive, People & Performance |
$1,618,255 |
$985 |
$56,730 |
$683,490 |
$2,359,460 |
|
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Andrew Carriline2 |
Acting Chief Risk Officer |
$1,085,726 |
$787 |
$48,301 |
$238,154 |
$1,372,968 |
|
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Philip Chronican |
Group Executive, Westpac Institutional Bank |
$2,630,767 |
$836 |
$472,658 |
$1,557,595 |
$4,661,856 |
| |
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Philip Coffey |
Chief Financial Officer |
$2,048,976 |
$787 |
$67,431 |
$992,062 |
$3,109,256 |
|
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Rob Coombe |
Chief Executive Officer, BT Financial Group |
$2,521,725 |
$787 |
$55,508 |
$697,335 |
$3,274,855 |
| |
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Brad Cooper2 |
Group Executive, New Zealand |
$1,355,670 |
$872,103 |
$35,634 |
$72,843 |
$2,336,250 |
|
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Peter Hanlon |
Group Executive, Business Financial Services |
$1,295,049 |
$836 |
$92,028 |
$496,561 |
$1,884,474 |
| |
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Michael Pratt |
Group Executive, Consumer Financial Services |
$2,583,613 |
$472,163 |
$0 |
$1,533,084 |
$4,588,860 |
| |
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Diane Sias2 |
Group Executive, Business & Technology Solutions & Services |
$40,138 |
$99,511 |
$3,100 |
$0 |
$142,749 |
|
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1 For Executives, short term benefits includes fixed remuneration and annual cash bonus.
2 Andrew Carriline, Brad Cooper, Peter Hanlon and Diane Sias commenced as executives during the year.
3 ‘Other benefits’ includes executive health checks, relocation expenses, living away from home allowances, and sign on payments, as applicable.