In a statement on the ASX today, the CBA board announced that the chief executive and group executives will not receive short-term variable remuneration incentives.
“The board advises that it has decided to reduce to zero the short-term variable remuneration outcomes for the CEO and group executives for the financial year ended 30 June 2017,” the statement said.
“In reaching this conclusion the overriding consideration of the board was the collective accountability of senior management on the overall reputation of the group.
“The board also recognised that it has shared accountability and therefore has decided to reduce non-executive director fees by 20 per cent in the current 2018 financial year.”
The statement said the CBA board recognises heightened public interest in executive remuneration, particularly having regard to the civil penalty proceedings that AUSTRAC initiated last week.
The remuneration outcomes will be disclosed in detail in the CBA annual report to be released next week, the statement said.
There are more scandals to come yet, just to give you all a taste, the CBA closed up a subsidiary license the same month as a last out of court settlement had been made in 2013.This adviser and company is yet to be exposed as the CBA removed parts of clients documents from their file to deny the client any right to identify what did and did not happen, what was or was not offered / charged / represented. Parts of this story have been partly exposed in news articles but it isn’t until you put all the information together that the picture becomes clearer of how the CBA is covering up this particular adviser who worked for a company who declared themselves as the most trusting name in financial advice.
Whitakker someone in Brisbane?
You have researched well, unfortunately these clients placed their money and trust into this company and have been kicked in the teeth in return for their money and trust, if you research further the CBA injected 3 million dollars into this company as client claims were rising in 2011 and 2012.I know of clients who were not allowed access to their client file within the internal dispute resolution process. This would explain why the parent company[CBA] removed parts of the client file during further disputing processes
You have researched well, unfortunately these clients placed their money and trust into this company and have been kicked in the teeth in return for their money and trust, if you research further the CBA injected 3 million dollars into this company as client claims were rising in 2011 and 2012.I know of clients who were not allowed access to their client file within the internal dispute resolution process. This would explain why the parent company[CBA] removed parts of the client file during further disputing processes
yep!
The problems started years ago and those executives and board members who are still employed by the CBA should be charged financially over the whole period, not just this year. However
I feel sorry for the board because they are advised by people who are supposed to be competent. Unfortunately competence and banks in these areas seems to be an oxymoron.
What’s the point of CBA saying this without confirming the $$? If the exec is offering to receive $5.5mil instead of $6mil then what would they care anyway. CBA is rotten to the core
CommInsure scandal,
Commonwealth Financial advice massive dodgy advice scandal,
CBA money laundering as the latest scandal.
Gee the CEO Ian Narev is doing an outstanding job.
WTF how does this guy keep his job on multi million $$ salary.
The whole of CBA stinks to the core.
So this would mean base salaries have been raised to offset the loss of bonuses? Good idea with profits plateauing and bonuses being harder to attain.