NAB (ASX:NAB) Chairman Ken Henry has admitted the board got it wrong with regards to its executive remuneration scheme.
Shareholders will officially vote on NAB's executive remuneration later today, but proxy votes delivered to the bank ahead of the AGM indicate a record breaking vote against its executive pay.
Addressing shareholders at the meeting in Melbourne today, Mr Henry said that more than 80 per cent of the votes cast on the banks remuneration report will be 'against.'
Mr Henry said he has been appalled by some of the instances of NAB's poor regulatory compliance and poor outcomes for customers as hi lighted by the Royal Commission.
He has apologised to shareholders and admitted it's not good enough.
Shares in NAB (ASX:NAB) are trading 1.6 per cent higher at $23.51.