Normal 0 false false false EN-AU X-NONE X-NONE MicrosoftInternetExplorer4 Westpac senior executives have had their fixed remuneration and incentive targets frozen again in 2013, the company said in its annual report yesterday.

The report said the decision to freeze pay acknowledged "the continued challenges of delivering sustainable performance in a low growth environment across our industry".

The report also said CEO Gail Kelly and senior executives would move to receiving a consistent 32 per cent of pay as "long-term incentives". It also cut the maximum "short-term incentives" from 200 per cent of target to 150 per cent.

Kelly's pay package for 2011-12 was reported at $9.59 million, slightly down on 2010-11's $9.86 million. Westpac's new Australian Financial Services head, Brian Hartzer, received $3.81 million for his part-year at the bank. John Arthur saw his pay rise to $2.78 million after his November appointment as chief operating officer.

Westpac's 2011-12 result has been widely viewed as the best among the major banks this year.