CBA CEO's pay drops to $8m

Commonwealth Bank boss Ian Narev's take home pay was just shy of $8 million last financial year.

Commonwealth Bank CEO Ian Narev

Commonwealth Bank CEO Ian Narev took home almost $8 million in pay last financial year. (AAP)

Commonwealth Bank chief executive Ian Narev's annual pay has fallen slightly to just under $8 million.

Mr Narev took home $4.25 million in salary and cash bonuses in the year to June 30, plus another $1.5 million in cash bonuses deferred from previous years and $2.2 million worth of shares.

His $7.97 million pay packet is smaller than the previous year's $8.1 million, due to a fall in share-based payments.

The bank's annual report, issued on Monday, shows several other senior officials enjoy multi-million dollar pay packets.

Chief risk officer Alden Toevs took home $6.66 million in cash and shares in 2014/15, a slight fall from the previous year, while chief financial officer David Craig's pay rose slightly to $6.45 million.

Mr Narev has taken home $27 million in cash and shares since becoming the chief executive of CBA in 2011, but he sits behind ANZ boss Mike Smith when it comes to highest paid bank chiefs.

Mr Smith has been in the top job at ANZ since 2007, and took home $10.7 million in the 2013/14 year alone.

Mr Smith's latest pay packet won't be revealed until later in the year, as ANZ, Westpac and National Australia Bank all have fiscal years that end in September.

NAB boss Andrew Thorburn has just marked one year as chief executive, while Westpac boss Brian Hartzer took over from Gail Kelly in February.


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Source: AAP

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CBA CEO's pay drops to $8m | SBS News