$1 million pay cut for NAB chief
The bank's annual report, published on Monday, shows the value of bonus payments to Mr Clyne fell in the year to September, following weaker performance a year earlier.
The cut, which had been flagged by Mr Clyne, comes after investors issued NAB a stinging rebuke at its annual meeting last December, with 21 per cent of shareholders voting against the remuneration report after a sharp fall in profit.
The protest vote meant the bank narrowly avoided a first "strike" over remuneration, which could have brought the board a step closer to facing a spill.
NAB's performance improved in 2013, with profit rising 9 per cent to $5.9 billion, but a spokeswoman said the weaker results from 2012 had contributed to the lower bonus payments this year.
In NAB's annual review, also published on Monday, Mr Clyne appeared confident about further profit growth after the bank embarked on a cost-cutting program and revamp of its technology systems.
"We have started to see signs of improvement in our operating environment this year, and the changes we have made put us in a better position than our competitors to take advantage of those opportunities," he wrote.
Frequently Asked Questions about this Article…
The NAB chief executive, Cameron Clyne, had his pay cut by $1 million due to the bank falling short of key targets in 2012, which affected the value of his bonus payments.
NAB's weaker performance in 2012 led to a reduction in bonus payments for executives, including a $1 million cut in the statutory pay of the chief executive, Cameron Clyne.
At NAB's annual meeting, 21% of shareholders voted against the remuneration report, expressing dissatisfaction with the sharp fall in profit, which nearly resulted in a 'strike' against the board.
Yes, NAB's performance improved in 2013, with profits rising by 9% to $5.9 billion, although the weaker results from 2012 still impacted executive bonuses.
NAB has embarked on a cost-cutting program and a revamp of its technology systems to improve its performance and position itself better than competitors.
Cameron Clyne expressed confidence in further profit growth, citing improvements in the operating environment and strategic changes that position NAB advantageously.
NAB narrowly avoided a 'strike' over remuneration as the protest vote from shareholders did not reach the threshold required to trigger a board spill.
The 2012 performance, which fell short of key targets, was reflected in NAB's annual report through reduced bonus payments for executives, including a significant pay cut for the chief executive.
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