CBA Chief Norris Paid $9.21 Million In 2008/09

Post by Sharat on September 9, 2009 · Under Australian Economy, Business News, Company News, banking · Comment

Ralph Norris, chief executive of Australia’s largest mortgage lender, Commonwealth Bank of Australia has seen his pay packet increase by 6 per cent to $9.21 million during the 2008/09 financial year as the value of his long term stock payments rose.

The value of Mr. Norris’s fixed cash compensation increased by 4 per cent from the previous year to $3.25 million, the Sydney based lender revealed in its annual reports. Whilst Mr. Norris saw an increase of 51 per cent in the discretionary component of his pay package to $1.94 million in company stock which does not vest for several years.

This financial year however, CBA said it will cut compensation and directors fees for Mr. Norris, his colleagues on the executive team and board of directors.

CBA employees earning in excess of $100,000 will see their salaries frozen, whilst employees earning less than $100,000 annually will see a nominal increase of 1.5 per cent in their salaries.

John Shubert CBA’s chairman delivered an assessment of the banking landscape, saying that he expected overall credit growth to decline in 2010, and that the business climate would remain difficult for both the bank and its clients.

“Accordingly the group will retain its conservative business settings maintaining appropriate levels of capital, liquidity and provisioning. The group will also continue with its cautious approach to the management of credit and market risk.” Dr. Schubert said.

Dr. Schubert saw an increase in his annual compensation of 6.6 per cent to $790,491

CBA reported last month that net profit for 2008/09 fell 1 per cent to $4.723 billion leading it to cut its annual dividend payout.

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