CBA lifts exec pay freeze: report
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Following last week's record full-year profit Commonwealth Bank of Australia (CBA) will end a freeze on the salaries of its executives in a move that could see some of the lender's senior managers granted a pay rise, The Australian Financial Review reports.
According to the newspaper, CBA chief executive Ian Narev said despite lifting the freeze, which was in place throughout fiscal 2013, there was no guarantee of exorbitant pay increases.
"The specific freeze, we haven’t said that we are going to roll that over, but we have said to everybody starting with me that we are going to be very, very moderate in the way that we think about any remuneration," Mr Narev told the AFR.
"We are keeping a very strong look on year-on-year remuneration increases, that has always got to start with me and my executive team."
In the year to June 30, CBA posted cash profit of $7.819 billion, a 10% lift on the $7.113 billion recorded in 2012.
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