CBA pays top dollar
(11 December 2010 – Australia) The Commonwealth Bank of Australia has become a leader in the banking sector when it comes to top executive pay, surpassing the millionaires’ factory Macquarie Group.
Business Day reported that of Australia’s banks the Commonwealth is home to six of the 11 highest paid executives.
The review was conducted by banking analyst Craig Williams of Citigroup, looking into boardroom governance and returns for shareholders.
However the news that CBA’s executives are well looked after comes as the chief executives of the four biggest banks are scheduled to front a Senate committee focused on competition next week.
Of the big banks, last year, CBA chief executive Ralph Norris had the largest pay cheque with a package ofA $16.2 million.
This was followed by ANZ chief Mike Smith on A$10.9 million, while Westpac chief executive Gail Kelly and Macquarie's Nicholas Moore each were paid A$9.6 million, while NAB's Cameron Clyne had a package of A$7.7 million, including incentives.
CBA was also home to some of the nation's highest-paid executives, including chief risk officer Alden Toevs on A$6.1 million, chief technology officer Michael Harte (A$4.2 million), retail banking boss Ross McEwan (A$5.4 million) and human resources chief Barbara Chapman (A$4.1 million).
A CBA spokesman said the bank ranked the largest on several measures, including market capitalisation.
''Consistently over the last few years we have had the strongest performance of the major banks and remuneration in many cases is linked to the performance of the business. This in line with the findings,'' the spokesman said.
The review was conducted by banking analyst Craig Williams of Citigroup, looking into boardroom governance and returns for shareholders.
However the news that CBA’s executives are well looked after comes as the chief executives of the four biggest banks are scheduled to front a Senate committee focused on competition next week.
Of the big banks, last year, CBA chief executive Ralph Norris had the largest pay cheque with a package ofA $16.2 million.
This was followed by ANZ chief Mike Smith on A$10.9 million, while Westpac chief executive Gail Kelly and Macquarie's Nicholas Moore each were paid A$9.6 million, while NAB's Cameron Clyne had a package of A$7.7 million, including incentives.
CBA was also home to some of the nation's highest-paid executives, including chief risk officer Alden Toevs on A$6.1 million, chief technology officer Michael Harte (A$4.2 million), retail banking boss Ross McEwan (A$5.4 million) and human resources chief Barbara Chapman (A$4.1 million).
A CBA spokesman said the bank ranked the largest on several measures, including market capitalisation.
''Consistently over the last few years we have had the strongest performance of the major banks and remuneration in many cases is linked to the performance of the business. This in line with the findings,'' the spokesman said.
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