Annual Review 2008Annual review Focus
Director and Group Executive Remuneration 2008


Westpac’s remuneration structure combines market competitive pay levels to attract and retain talented Directors and Group Executives who have the ability to create shareholder value in the company, with a strong link between executive pay and individual and group performance.

Directors focus on Westpac’s long-term strategic direction and overall corporate performance. As a consequence, Non-executive Director fees are designed to attract and retain appropriately experienced and qualified Board Members and are not linked to Westpac’s short-term results.

Executives have a significant portion of their annual remuneration linked to achievement of objectives that are designed to drive long term sustainable shareholder value.

The disclosed remuneration for Non-executive Directors, the CEO and Group Executives serving as at 30 September 2008 is summarised here. Details, including an explanation of remuneration components and individual circumstances, are available in the Remuneration Report. Our Remuneration Report is included in the Westpac 2008 Annual Report, available at www.westpac.com.au/investorcentre
Directors
Position
Short term
benefits
Super/ retiring allowance
Total
underline
Ted
Evans
Chairman
$700,000
$29,503
$729,503
underline
Elizabeth
Bryan1
Non-executive Director
$321,066
$13,244
$334,310
underline
Gordon
Cairns
Non-executive Director
$295,000
$13,244
$308,244
underline
David
Crawford
Non-executive Director
$62,404
$7,117
$69,521
underline
Carolyn
Hewson2
Non-executive Director
$408,807
$34,754
$443,561
underline
Lindsay
Maxsted
Non-executive Director
$157,596
$7,711
$165,307
underline
Peter Wilson3
Non-executive Director
$378,309
$13,244
$391,553
underline

1 Includes fees of $51,066 for services provided as Director of Westpac
   New Zealand Limited.
2 Includes fees of $113,807 for services provided as Director of BT Investment
   Management Limited.
3 Includes fees of $88,309 for services provided as Director of Westpac
   New Zealand Limited.



Executives
Position
Short term
benefits1
Other
benefits3
Super
Share-based
payments
Total
underline
Gail Kelly1
Chief Executive Officer and Managing Director
$4,081,330
$0
$8,858
$4,449,405
$8,539,593
underline
Ilana Atlas
Group Executive, People and Performance
$1,535,179
$985
$57,166
$628,568
$2,221,898
underline
Andrew Carriline
Acting Chief Risk Officer
$1,339,523
$787
$33,102
$251,259
$1,624,671
underline
Philip Chronican
Group Executive, Westpac Institutional Banking
$3,604,215
$836
$615,240
$1,460,192
$5,680,483
underline
Peter Clare1
Group Executive, Product and Operations
$955,011
$787
$32,058
$0
$987,856
underline
Philip Coffey
Chief Financial Officer
$2,703,683
$787
$74,581
$903,466
$3,682,517
underline
Rob Coombe
Chief Executive Officer,
BT Financial Group
$1,724,229
$0
$47,622
$854,681
$2,626,532
underline
Brad Cooper1
Group Chief Transformation Officer
$2,020,380
$699,071
$74,200
$274,066
$3,067,717
underline
Peter Hanlon
Group Executive, Retail and Business Banking
$1,687,292
$836
$149,224
$437,638
$2,274,990
underline
Bob McKinnon1
Group Executive, Technology
$89,986
$0
$8,099
$0
$98,085
underline
Bruce McLachlan1
Acting Chief Executive Officer, New Zealand
$832,875
$0
$64,911
$248,270
$1,146,056
underline
Robert Whitfield
Group Executive
$3,214,781
$787
$55,330
$671,420
$3,942,318
underline

1 Gail Kelly commenced as CEO on 1 February 2008. Brad Cooper moved from Group Executive New Zealand to Group Chief Transformation Officer.
   New members of the executive team during 2008 were:
   Peter Clare, from 27 March 2008; Bob McKinnon, from 18 August 2008; and, Bruce Mclachlan, from 9 June 2008.
2 For Executives, ‘Short term benefits’ includes fixed remuneration and annual cash bonuses.
3 ‘Other benefits’ includes executive health checks and relocation expenses, as applicable.

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