Commonwealth Bank's new chair Catherine Livingstone yesterday weighed into the money laundering scandal enveloping her organisation by publicly reaffirming her board's support for embattled CEO Ian Narev."Mr Narev retains the full confidence of the board," Ms Livingstone told shareholders in a statement to the Australian Securities Exchange.The declaration of confidence in the bank's top executive came as edgy investors renewed their attack on the CBA's share price.For several hours on Tuesday CBA was displaced by BHP as the nation's largest listed company by market worth, although the bank regained the mantle when its scrip recovered in late trading to close down 87 cents to A$80.65.In a move aimed at placating public outrage over the bank's risk management failures since 2012, Livingstone revealed that Narev and all members of the bank's senior executive team would miss out on short-term bonus entitlements for the 2017 financial year.The announcement means that CBA's senior management team will collectively lose around $15 million in bonuses."This year, the board recognises heightened public interest in executive remuneration, particularly having regard to the civil penalty proceedings initiated last week by the Australian Transaction Reports and Analysis Centre,"  Livingstone stated in an ASX filing."Therefore, in advance of the presentation of CBA's financial results tomorrow, the board advises that it has decided to reduce to zero the short-variable remuneration outcomes for the CEO and group executives for the financial year ended 30 June 2017."In reaching this conclusion the overriding consideration of the board was the collective accountability of senior manager for the overall reputation of the group."Livingstone also announced that all non-executive directors of the bank would take a 20 per cent haircut on fees they were earmarked to receive in 2018.Based on pay collected by board members in 2016, the cut means that most will each forego at least $60,000 in the current year.Harrison Young, the chairman of the board's risk committee during the three-year period in which AUSTRAC alleges CBA committed 53,000 breaches of anti-money laundering laws, stands to lose at least $70,000.Narev's total pay exceeded $12.3 million in 2016, of which around $2.86 million comprised short-term bonuses relating to the 2015 and 2016 financial years.However, it is not known whether short-term incentives will be pruned for the CBA's third-highest paid executive in 2016 - the former chief risk officer Alden Toevs.Toevs, who resigned as the CRO at the end of June 2016, is still employed by the bank as an adviser to the board on risk management matters and as a director of ASB Bank in New Zealand.A CBA spokeswoman yesterday could not confirm whether Toevs was subject to the chop on incentive payments that applied to current senior executives.Toevs collected total statutory pay of $4.75 million in 2016, of which $1.54 million came in the form of short-term bonuses.Toevs was the group's chief risk officer during the three-year period that the bulk of the offences highlighted by AUSTRAC are alleged to have occurred.