Commonwealth Bank
(ASX:CBA) has decided to scrap short-term variable remuneration outcomes for the CEO and Group Executives for the financial year ending 30 June 2017.
The bank’s board also decided to reduce Non-Executive Director fees by 20 per cent in the current 2018 financial year.
The banking giant made the decision recognising the heighted public interest in executive remuneration, particularly having regard for the civil penalty proceedings initiated last week by AUSTRAC.
The bank will provide full details in its annual report next week, while its financial results are due to be released tomorrow.
Shares in Commonwealth Bank
(ASX:CBA) are trading 0.94 per cent lower to $80.76.
