Westpac Banking Corporation's (ASX:WBC) CEO Gail Kelly has had a drop in pay, while still earning $9.58 million in the year the bank reported an 84.2 per cent surge in net profit.
Mrs Kelly's pay fell $1.12 million short of her salary the year before due to the lower value of Mrs Kelly's shares included in her sign-on package.
Mrs Kelly's base salary remained steady at $2.68 million, enhanced by short term incentives which advanced to $2.83 million, from $2.62 million the year before.
Last Friday Westpac became the last of the four major banks to raise its mortgage rate, hiking it by 35 basis points, which when compared to the other major banks is the highest rate at 7.86 per cent.
Westpac Banking boosted its fiscal 2010 result to $6.4 billion in the year to 30 September.
WBC Price at posting:
$21.92 Sentiment: None Disclosure: Held
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