Thorburn feels the pain

Banking Day staff Financial institutions / Big five & fintech

National Australia Bank CEO Andrew Thorburn is A$5 million out of pocket, taking a $2 million pay cut in the year just gone, and he stands to earn $3 million less in 2019.

Anne Loveridge, chair of the remuneration committee of the bank’s board spelled out the pain experienced by most executives as it imposed “accountability for customer, risk and reputation matters”.

NAB’s CEO, she said “has demonstrated leadership over the past two financial years by agreeing to reductions in his overall annual ‘at target’ remuneration package by more than $1.7 million”.

The variable reward across NAB was reduced by approximately $114 million from target, with rank and file staff also affected.