Thus, he was pleased to note that in the wake of the Royal Commission the members of the National Australia Bank board were prepared to accept that the resignation of their chairman, Ken Henry and former chief executive, Andrew Thorburn, was simply not enough. They too, it seems, would have to suffer.
As NAB’s half-year results revealed, around $5.5 million in deferred remuneration has been forfeited by the bank’s executives and Thorburn himself forfeited $21 million in deferred and unvested variable reward income.
“The board also recognises the need for accountability beyond the decision of Dr Henry to step down, and all continuing directors will take a reduction in 2019 will take a reduction in 2019 director’s fees, equivalent to 20 per cent of their base fee,” the NAB release to the Australian Securities Exchange (ASX) said.
By Outsider’s calculation, that cut in directors fees is roughly equivalent to a number of starting salaries in the banking industry and certainly more than the cost of the board room Tim Tams.
Good to see them sharing the load.