ANZ chief invests salary in bank shares

ANZ Bank chief executive John McFarlane took his entire salary in the form of shares last year. Taking into account bonuses and superannuation, McFarlane earned the equivalent of $6.9 million in 2004. McFarlane has borrowed money from ANZ to further build his holding in ANZ shares. He owes the bank $10.4 million, although his borrowings were as high as $14 million. In early November, McFarlane sold 200,000 shares, worth almost $4 million, in order to reduce his margin loan from the bank.