(15 November 2011 — Australia) In another big salary report for Australia’s big banks, National Australia Bank (NAB) chief Cameron Clyne received a 12 percent pay increase to A$8.67 million last financial year.NAB’s annual report shows his total package included a base salary of A$2.7million – with equity grants worth A$3.8 million – and just over A$2 million in short-term cash bonuses. His cash bonus increased by A$108,600, or 5.6 percent, from the previous year.
Clyne’s total package of A$8.67 million compares with A$7.7 million the previous year – an increase of A$950,349.
Clyne’s counterpart at ANZ, Mike Smith, received just over A$10 million for the past financial year, while the head of Westpac, Gail Kelly, earned a total package of A$9.86 million. Ralph Norris, the Commonwealth Bank (CBA) boss, collected A$8.64 million.
Smith and Kelly had their cash bonuses pared back, with Smith receiving A$750,000 less in cash bonuses for the year, while Westpac’s Kelly saw her short-term cash bonus drop by nearly A$460,000.
‘Executive remuneration at NAB is directly linked to the performance of the company and includes the achievement of customer, employee and shareholder objectives,’ a spokesman for NAB said.
In the year to September, NAB’s cash earnings increased by 19 percent to A$5.46 billion. The bank’s return on equity rose 2 percentage points to 15.2 percent.