NZ's top pay packet revealed: $4.1m   30 Sep 2014

With a total pay package worth $4.1 million, ANZ New Zealand's David Hisco is the top-paid boss in the Business Herald's executive pay survey.

His remuneration for the 2013 financial year was a 14 per cent increase on the $3.6 million he received in 2012.

Originally from South Australia, Hisco has worked for ANZ for more than three decades and took the top job at the bank's New Zealand arm in September 2010. He guided the ANZ's New Zealand profit to $1.37 billion in 2013 - up 4 per cent.

His first role with the Australasian lender reportedly involved sweeping the carpark at his local branch in Edwardstown, near Adelaide.

The executive pay survey canvassed chief executive remuneration disclosures in the 2013 annual reports of New Zealand's largest publicly listed companies and state-owned enterprises, as well as dairy co-operative Fonterra. Today we reveal the top five highest paid bosses, while the full survey will be published in Friday's The Business.

Fonterra chief executive Theo Spierings is in the No2 spot with his $3.5 million package, which was 16 per cent higher than the $3 million he received in 2012.

Fletcher Building boss Mark Adamson is in third place on $3.3 million, followed by former Westpac New Zealand chief executive Peter Clare, who received a 6 per cent pay cut to $3.1 million in the 2013 financial year.

Clare resigned from the bank last month to recover from heart surgery.

Adamson's salary could not be compared with the previous year as he only took the helm at the building materials and construction company in late 2012.

But he received a 37 per cent larger pay cheque in 2013 than the $2.4 million salary his predecessor, Jonathan Ling, was paid in 2012.

SkyCity Entertainment chief executive Nigel Morrison was in fifth place, with total remuneration of $2.98 million, up slightly on the $2.82 million he received in 2012.


SkyCity Entertainment chief executive Nigel Morrison. Photo / Richard Robinson

Spark chief executive Simon Moutter was in sixth place with a $2.94 million package in 2013.

As a group, the top five highest paid chief executives in the latest survey received $17.2 million.

When the Business Herald conducted its first executive pay survey in 2005 just six New Zealand chief executives broke the $1 million threshold.

In this year's survey 29 CEOs received $1 million or more.

Robert Reid, general secretary of the First Union, said there was growing antagonism among the public towards executive salaries, which many people viewed as excessive.

The pay survey comes as union members at ANZ mull industrial action over a bank proposal to place some workers on more flexible contracts. Reid, whose union represents ANZ staff, said many workers at the bank would find Hisco's remuneration difficult to comprehend.

"That kind of pay is just beyond belief for both people that work for those organisations and also for the general public," Reid said. "No one person can be worth that amount of money."

Hisco earned more than $11,000 a day over the course of the 2013 financial year, meaning he would have earned in one week what Kiwis on an average salary took roughly a year to earn.

An ANZ spokesman said Hisco was the bank's global head of commercial in addition to being chief executive of its New Zealand arm.

"His salary is determined by the board, with around two-thirds being variable depending on performance against targets," he said. "His current salary reflects the strong performance of the New Zealand business, increasing our market share and strengthening the ANZ brand."

The spokesman said the salary ranges for almost all jobs covered by ANZ's collective employment agreement, which the bank is currently negotiating with union staff, are the highest in the industry.

"At ANZ we value all our people and pay them competitively compared to similar jobs in the market," he said.

Mark Ashcroft, of Auckland-based executive recruitment firm Seqel Partners, said New Zealand companies competed in a global market for chief executives and had to pay top rates to secure the right talent.

"The [remuneration] numbers seem really high to those further down in an organisation - frankly they seem high to everyone - but that's the reality of the market."

- NZ Herald

Read more by Christopher Adams

Add a comment

News

Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students

29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more

New Zealand reaffirms support for Flight MH17 judicial process

7 Mar 2020 News By Rt HON WINSTON PETERS
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more

Business

NZ Government's Economic package to fight COVID-19

17 Mar 2020 Business News By RT HON JACINDA ARDERN
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more

NZ Government announces aviation relief package

19 Mar 2020 Business News By Hon Phil Twyford
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more

Living

Diversity was Key at New Zealand Trade Tasting in London

6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall. It was the first... more

Kiwi author stuns Behind the Butterfly Gate

12 Jan 2022 Arts By Charlotte Everett
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...  New Zealand writer Merryn Corcoran’s... more

Property

Fairer rules for tenants and landlords

17 Nov 2019 Property By Minister Kris Faafoi
17 NOVEMBER 2019 The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more

New Zealand Government will not implement a Capital Gains Tax

17 Apr 2019 Property By RT HON JACINDA ARDERN
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more

Migration

Boosting border security with electronic travel authority – now over 500,000 issued

19 Nov 2019 Migration By Hon Iain Lees-Galloway
19 NOVEMBER 2019 We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more

Christchurch reinstated as refugee settlement location

18 Aug 2018 Migration
18 AUGUST 2018 HON IAIN LEES-GALLOWAY The announcement that Christchurch can once again be a settlement location for refugees... more

Travel

Gallipoli Anzac Day services cancelled

19 Mar 2020 Travel & Tourism By RT HON JACINDA ARDERN
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more

New Zealanders advised not to travel overseas

19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas more

Sport

The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners

27 Oct 2019 Cricket By Charlotte Everett
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more

PREVIEW: All Blacks v England semi-final

26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade First published on Werewolf The ghastly likes of Marine Le Pen in France and Geert ... more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome Well um.. on the bright side, there (probably)... more

Kiwi Success

Congratulations to Loder Cup winner

26 Sep 2018 People By Hon Eugenie Sage
25 SEPTEMBER 2018 The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more

Appointments to New Zealand National Commission for UNESCO

16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO HON JENNY SALESA Associate Education Minister Jenny Salesa is... more

Recruitment

Historic pay equity settlement for education support workers

14 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more

Historic pay equity settlement for education support workers

22 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more