Norris still highest paid banker
(14 November 2011 – Australia) The country’s highest paid banker is still outgoing Commonwealth Bank chief executive Ralph Norris, despite a rise in remuneration for Westpac chief Gail Kelly.
Norris’ actual remuneration was at A$12.48 million in the year to 30 June, while Kelly’s was well below, at A$8.68 million for the 2011 fiscal year.
All banks are now including separate information in their annual reports on the value of what executives actually receive in remuneration for the year, due to complexities created by deferred incentives normally paid in shares or share options.
Commonwealth Bank said in its annual report issued in August that chief executive Ralph Norris received remuneration worth A$12.48 million in the year to June 30.
That consisted of A$4.76 million in cash payments, plus A$7.72 million in previous years' awards that vested during the year.
Norris' reported pay in 2010/11 was A$8.64 million, meaning he will likely receive less deferred incentives during the current financial year.
He will stand down as CEO of Commonwealth Bank at the end of this month.
Kelly was paid A$3.1 million in cash for the year to September 30, plus A$4.26 million in short term incentives and A$1.32 million in long-term incentives that had been deferred from previous years.
A further A$3.2 million of short and long term incentives relating to fiscal 2011 have been deferred.
All banks are now including separate information in their annual reports on the value of what executives actually receive in remuneration for the year, due to complexities created by deferred incentives normally paid in shares or share options.
Commonwealth Bank said in its annual report issued in August that chief executive Ralph Norris received remuneration worth A$12.48 million in the year to June 30.
That consisted of A$4.76 million in cash payments, plus A$7.72 million in previous years' awards that vested during the year.
Norris' reported pay in 2010/11 was A$8.64 million, meaning he will likely receive less deferred incentives during the current financial year.
He will stand down as CEO of Commonwealth Bank at the end of this month.
Kelly was paid A$3.1 million in cash for the year to September 30, plus A$4.26 million in short term incentives and A$1.32 million in long-term incentives that had been deferred from previous years.
A further A$3.2 million of short and long term incentives relating to fiscal 2011 have been deferred.
Subscribe