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NAB's top brass underperform

19 November 2013 5:47PM
Seven of NAB's top 10 executives had their short-term bonuses cut over the last year, and the CEO and CFO were among them.Thanks to reduced allocations of shares under long-term incentive programs, six of NAB's top staff endured an overall cut in pay.The lower bonuses come in spite of a nine per cent rise in NAB's cash profit in the year, to A$5.94 billion.Cameron Clyne, the bank's chief executive, had his short-term bonuses cut by $130,000, to $1.1 million.  Clyne's aggregate pay fell by more than $1 million, to $7.76 million.Mark Joiner, the finance director, had his short-term bonuses cut by $60,000, to $480,000.Others to have their bonuses cut were Joseph Healy, the head of institutional banking; Rick Sawers, the head of wholesale banking; Gavin Slater, now head of retail; Andrew Thorburn, the Bank of New Zealand's CEO; and Bruce Munro, the head of risk.At ANZ, by contrast, all the top executives earned higher short-term bonuses last year.ANZ's CEO Mike Smith is the highest paid, earning $10.1 million in 2012/13, up four per cent on the previous year.Westpac's 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 Ian Narev collected $7.8 million, about $2.1 million more than he was paid in the previous year.

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