The Commonwealth Bank of Australia
(ASX:CBA) is being criticised for approving a 6 per cent pay rise for its CEO Ralph Norris.
The bank released details of its top executives pay packets this week, revealing that CEO Mr Norris remuneration package has increased by 6 per cent to $9.21 million.
Mr Norris’ fixed cash salary increased 4 per cent to $3.25 million for the 2009 financial year from $3.12 million last financial year.
The bank also raised Mr Norris’ share-based long term performance rights by 51 per cent to $1.94 million from $1.28 million a year ago.
This is despite the bank reporting a drop in profit for the year and a cut to its dividend.
In April this year the company said that Mr Norris and the bank’s board would take a 10 per cent pay cut this financial year.
Over the weekend in London, G20 leaders urged bank regulators to come up with stricter rules for banker remuneration packages and consider a global standard on pay.
The Commonwealth bank’s net profits dipped slightly in 2009 from the previous year.
