Dr Anne Summers, a well-regarded journalist and feminist, enraged the group with the news that "even Gail Kelly who was recently appointed as CEO of Westpac Australia was earning much less than her predecessor, David Morgan". Summers stated that Morgan earnt $8.5m last year while Kelly's starting salary was only $2.5m p.a..
The group talked about little else over lunch!
It took me 10 minutes to check the facts on the Net that night. Dr Summers' was completely wrong. According to Westpac's 2007 Annual Report David Morgan earned $10.5m not $8.5m that financial year!
But even more startling was how easy it was to find the facts. -The highlights of Gail Kelly's contract were also on the Westpac website. Yes, her starting salary was $2.5m p.a. (more than Morgan's base salary) plus the potential of $8.5m if she meet performance standards, as Morgan so successfully achieved.
But keep reading ... on day one Gail Kelly also got $7m in Westpac shares !!
Another fact is that Morgan delivered a $3.5 billion profit for Westpac in 2007 - a 12% increase on the previous year.
Gail Kelly is a star and knows her worth. She was recently named "one of the world's most influential women" by respected US Publication Forbes - ranking 11 in the top 12 nominated.
So ... can we please stop focusing on "ain't it awful" and celebrate the achievements of our leading women, and men.
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