National Australia Bank chief Andrew Thorburn collected almost $130,000 worth of pay and perks every week on average over the past financial year — even after receiving a pay cut.
The bank’s annual report, released yesterday, reveals Mr Thorburn received a $6.63 million pay and perks package for the year to September. That is the equivalent of $127,500 for each week.
But Mr Thorburn’s pay was trimmed slightly, from $6.7 million the previous year, after he missed a key target for customer satisfaction.
It means that on a statutory basis, Mr Thorburn was only just behind Westpac head Brian Hartzer as the best paid chief executive at the major banks in the past financial year, after the Commonwealth Bank’s Ian Narev took a deep cut amid the scandals engulfing that lender.
Mr Hartzer received a $6.68 million package, which was also cut from $6.75 million.
The NAB annual report also reveals a return to banking proved enormously lucrative for former NSW premier Mike Baird.
Mr Baird, who took charge of NAB’s corporate and institutional unit on April 21, was awarded total remuneration of $886,845 between that date and the end of the bank’s financial year in September — little more than five months. That cash pile on its own was more than twice his $377,780 salary before he quit politics in January.
His remuneration is the equivalent of $2 million a year.
His pay packet may dwarf the one he received as premier, but it was substantially smaller than the one enjoyed by fellow new arrival Patrick Wright — who became chief technology and operations officer at NAB on April 26.
Mr Wright’s total remuneration for his first five months was $4.39 million, which included a staggered cash payment of $2.8 million to compensate for forfeited awards from his previous employer, British bank Barclays.
In the year to September, NAB lifted its full-year cash profit — a measure of underlying earnings — by 2.5 per cent to $6.64 billion.
with AAPThis article was first published by https://thewest.com.au/Author: Jeff Whalley