Westpac boss Australia's top-paid woman

WESTPAC boss Gail Kelly has been catapulted into the ranks of top 10 highest-paid executives in the country, having scored a $2 million pay rise in the 12 months to the end of September. Mrs Kelly earned cash, shares and other benefits worth $10.6 million last year, compared to $8.6 million in 2008.

She remains the country's highest-paid woman and has overtaken CBA chief Ralph Norris, who collected $9.2 million last year.

The bank's annual report, published yesterday, shows Mrs Kelly's package included $2.8 million's worth of restricted shares that she was awarded this year, but which will become accessible in future years.

Her future pay, subject to hitting performance targets, is likely to increase in the coming years, if shareholders approve the issue of up to $6 million in shares under the company's executive incentive schemes.

Most other Westpac executives took home more money in the year to September, including chief financial officer Phil Coffey ($3.7 million), personal banking chief Peter Hanlon ($2.5 million) and institutional banking boss Rob Whitfield ($2.9 million).

"Given our strong strategic position and operational momentum, the Westpac group is, we believe, well positioned leading into the new financial year," Mrs Kelly said.

"We believe it is likely impairment charges have peaked."

The bank's full-year dividend will be $1.16 a share, down from $1.42 in 2008.


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