The bank worker's union, Finsec, is calling for the regulation of banking executives' salaries following Westpac's disclosure of its chief executive's pay package.
Westpac New Zealand's annual report shows that remuneration for George Frazis was $5,575,204 for the 2010 financial year.
That is thought to make Mr Frazis the highest paid chief executive in New Zealand, higher than Telecom's Paul Reynolds and Fonterra's Andrew Ferrier.
Finsec says the pay package is unethical, considering the current economic climate and taxpayer support of the bank over the past year.
It says the Government should consider regulating executive salary packages.
However, salary consultant Jarrod Moyle says the package is not out of place for a company of its size.
He says there are often solid commercial reasons for large salaries and major corporates sometimes have to pay big sums to attract the best candidates.
But Finsec campaign director Andrew Campbell told Morning Report there is no need to hire from overseas.
