NAB senior executives feel pay pain

National Australia Bank’s most senior executives will pay a price for the bank’s less than stellar full-year results.

The bank announced to the Australian Securities Exchange (ASX) that the board had determined that the executive leadership team would receive no short-term variable reward and no fixed remuneration increase for the current financial year.

NAB interim group chief executive and chairman-elect, Philip Chronican said the board had increased rigour in assessing performance across customer, risk, people transformation and financial goals.

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He said that while underlying business performance for 2019 was solid, the bank had not achieved benchmarks on some financial and non-financial results, including taking into account the impact of substantial provisions for customer remediation.

The bank’s announcement also made clear that a price had been paid by the former chief executive. Andrew Thorburn and the former chair, Ken Henry with Thorburn forfeiting all deferred variable reward potentially worth $21 million and Henry receiving a reduction in fees alongside other members of the board.

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