Commonwealth Bank of Australia’s
(ASX:CBA) CEO Ralph Norris has defended the $16 million pay package he took home in the 2010 financial year, claiming the decision is made by the board and endorsed by shareholders.
Fairfax Media reports Mr Norris voiced his defence in Melbourne on Tuesday, explaining he has performance hurdles that are put in place and that over 90 per cent of shareholders have given their approval to his remuneration in the last four or five years.
Mr Norris also defended the bank’s profits and warned that politicians should avoid regulation that is motivated by revenge or punishment.
Yesterday The Financial Review reported Mr Norris’ $16 million pay packet ranks him as Australia’s highest earning executive of the top 300 listed companies.
Mr Norris’ pay climbed 75 per cent over the year before aided by his long-term share incentive scheme.
This contrasts with the $2.25 million average pay packet of executives in the top 300, a 2 per cent rise over the year before.
In the 2010 financial year Commonwealth Bank boosted its net profit to $5.7 billion.
