The CBA CEO and executives have had their bonuses stripped and non-executive director fees have been reduced following consideration over the risk and reputation matters impacting the group.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all