NAB chief takes $1m pay cut

National Australia Bank (NAB) chief executive officer Cameron Clyne's annual pay has dropped by more than $1 million to $7.76 million.

The fall, from $8.78 million in the previous year, was caused by a slightly lower cash bonus, and a smaller value of shares being awarded to the chief executive.

Mr Clyne's cash salary of $2.63 million in the year to September 30 was up from $2.37 million in the previous year.

His cash bonus of $1.08 million in 2012/13 was down on $1.2 million in the previous year, and his allocation of shares and rights to shares worth $3.92 million was down from $5.06 million in the previous year.

That was despite a 9% rise in NAB's cash profit in the year to $5.94 billion.

The figures, contained in the bank's annual report, shows Mr Clyne is the lowest paid chief executive among the big four banks.

ANZ's (ANZ) Mike Smith is the highest paid, earning $10.1 million in 2012/13, up 4% on the previous year.

Westpac's (WBC) Gail Kelly was paid $9.2 million in cash and shares in the year to September 30, down slightly on the previous year.

CBA's (CBA) Ian Narev collected $7.8 million, about $2.1 million more than he was paid in the previous year.

Investor response to the news was muted. At 1310 AEDT, NAB shares were 0.04% lower at $34.285, against a benchmark index decline of 0.51%.