The board of Commonwealth Bank may dislike the way things are going at the bank.
You can tell from the remuneration report in the bank’s annual report for 2023.
Matthew Comyn, the managing director, received a total package of A$10.4 million last year built on a base of $2.5 million.
This exceeds his FY2022 remuneration by $3.4 million and most of this year’s package relates to performance, with most of that long-term incentives.
Interestingly, Comyn received only 50 per cent of his potential short-term cash bonus this year.
Nigel Williams, the chief risk officer was next best paid with a package of $5.7 million. This is more than double his 2022 payment.
David Cohen, the deputy CEO came in at $5.3 million, a mild increase on the prior year.
Vittoria Shortt, CEO of ASB in New Zealand saw her package more than halve to $1.9 million, with no long-term benefits.