Failures led to NAB executive bonus cuts
Some National Australia Bank (NAB) executives had their bonuses “shaved” by the order of 10 per cent over planner failings.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been told by NAB’s chief customer officer, Andrew Hagger that among those executives to have their bonus shaved was NAB Financial Planning general manager, Tim Steele.
Hagger said that while Steele might not have enjoyed having had his bonus reduced, he believed the executive had accepted it as “fair and what customers expected”.
He said that in some respects the bonus “shaving’ might have been regarded as unfair because some of the issues had not occurred on Steele’s watch. Steele, a former managing director ipac and Genesys, joined NAB in March, 2016.
Hagger said that notwithstanding the “shaving” of the bonus, he believed Steele’s stocks had risen in the company and that he now reported directly to Hagger.
Under questioning from Senior Counsel assisting the Royal Commission, Rowena Orr QC, Hagger acknowledged that his own bonus had also been reduced as a result of the planning issues impacting the business.
Recommended for you
Financial Services Minister, Stephen Jones, will keynote Momentum Media’s Election 2025 event.
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
