ANZ Chief Receives $20M

It looks Christmas just got merrier for Mike Smith, the chief executive of ANZ.

Documents showed that Smith received close to $20 million for the latest financial year. The amount is two times more than the remuneration package he was to be paid. His 2012 package was reported to amount some $10.1 million.

The payout seals Smith as the country’s highest-paid banker.

Other documents also showed that Smith received close to $14 million for share-based payments. The amount was given between the years of 2007 and 2010 but it was only this year that the payment was vested.

According to a spokesman from ANZ, the share-based payments of Smith were part of his remuneration package.

Smith is not the only one raking in the money. ANZ was the last bank of the big four to pass on the rate cut to its customers. Industry analysts said that ANZ earned extra revenue of as much as $111 million for delaying the passing on of the rate cuts.