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.
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.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
