BNZ CEO Angie Mentis' pay falls to $3m

Friday, 15 November 2019

Angela Mentis, BNZ's chief executive, was paid A$2.91 million in the most recent financial year.

BNZ chief executive Angie Mentis has had a pay cut, but is still the best paid of the heads of New Zealand's big four banks.

NAB, the parent company of BNZ, has issued its annual report.

In it, it shows Mentis received A$2.91 million (NZ$3.08m) in the most recent financial year, from A$3.83m in the 2018 financial year.

Earlier in the month, NAB announced its executive leadership team, of which Mentis is one, would receive no short-term variable reward and no fixed remuneration increase for the financial year.

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Interim NAB chief executive Philip Chronican said the board had increased its rigour in assessing performance against customer, risk, people, transformation and financial goals.

The bank has been under increased scrutiny since Australia's Royal Commission of Inquiry highlighted poor conduct by Australian banks.

Last year, almost 90 per cent of NAB shareholders voted down the company's remuneration report.

'While underlying business performance for 2019 was solid, NAB has not achieved benchmarks of some financial and non-financial results. This takes into account the impact of substantial provisions for customer remediation.

'We recognise the impact on our brand, reputation and the trust that our customers place in us. These are all considerations to make when assessing performance. While we have made progress, it is not enough to be recognised in executive short-term variable reward in 2019.'

When NAB's former group chief executive Andrew Thorburn resigned, he forfeited all deferred variable benefits, potentially worth A$21m.

David McLean, at Westpac, earned A$2.285 million, ASB's Vittoria Shortt A$2.216m and ANZ's acting chief executive Antonia Watson has fixed remuneration of NZ$800,000 and variable remuneration of 300 per cent of that base.

Former ANZ chief executive David Hisco earnt NZ$843,521 in his final eight months.