The West

ANZ boss sells shares to pay tax
ANZ boss sells shares to pay tax

ANZ chief executive Mike Smith has raised $4.6 million through the sale of shares to meet an income tax bill and reduce his debt.

Mr Smith paid $6.24 million to obtain 440,000 ANZ shares that were granted to him as share options in his remuneration package approved by shareholders in 2008, the bank said in a statement to the Australian Securities Exchange today.

He then sold the shares on August 20 for $10.86 million.

“The exercise of the share options and the sale of the resulting shares was undertaken by Mr Smith in order to fund a forthcoming income tax payment and to repay debt,â€

The West Australian

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