Executive bonuses mixed at NAB
A couple of the most senior executives at National Australia Bank have earned a rap on the knuckles in the form of lower short-term bonuses for the bank's most recent financial year. Most of the management committee, however, enjoyed a rise in bonus, while that of the CEO remained the same.The annual report for NAB, released yesterday, shows that the bank's finance director, Mark Joiner, saw his short-term bonus cut by $700,000, to $1 million. As with all executives, the short-term bonus is paid mostly in cash but also in shares.Gavin Slater, who runs shared services for the bank in Australia, saw his short-term bonus cut by $430,000 to $550,000.Other long-serving members of the management team received bigger bonuses. Increases ranged from $20,000 to $190,000, and the short-term bonuses ranged from $510,000 to $840,000.Cameron Clyne, the chief executive, received a stable short-term bonus of $2.4 million, a bit less than his base pay of $2.8 million.The annual general meeting of NAB will be asked to endorse share-based bonuses for Clyne relating to the past year of $2 million under the short-term bonus plan and $2.7 million under the long-term plan.The meeting will also vote on $1.8 million in short- and long-term bonuses for Mark Joiner.