Mike Baird earns $900,000 in first five months at NAB

The Guardian Australia - - News -

The for­mer New South Wales premier Mike Baird was paid al­most $900,000 for his first five months in charge of Na­tional Aus­tralia Bank’s cor­po­rate and in­sti­tu­tional unit.

NAB’s an­nual re­port for the 12 months to 30 Septem­ber showed that Baird, who took up his role on 21 April, re­ceived to­tal re­mu­ner­a­tion of $886,845, in­clud­ing $763,520 of cash in salary and short-term in­cen­tives.

Baird’s salary as NSW premier when he quit in Jan­uary was $377,780. Baird started his bank­ing ca­reer with NAB in 1989 and worked in cor­po­rate bank­ing with Deutsche Bank and HSBC be­fore state pol­i­tics.

NAB’s chief ex­ec­u­tive, An­drew Thor­burn, was awarded to­tal re­mu­ner­a­tion of $6.63m, down slightly on $6.71m the pre­vi­ous fi­nan­cial year.

The bank in­creased its full-year cash profit 2.5% to $6.64bn but Thor­burn re­ceived only 49% of his max­i­mum short-term in­cen­tives – com­pared with 69% in 2016 – be­cause NAB did not meet its tar­gets for im­prov­ing cus­tomer ad­vo­cacy.

The next-best-paid ex­ec­u­tive was the chief tech­nol­ogy of­fi­cer, Pa­trick Wright, who joined on 26 April and was awarded to­tal re­mu­ner­a­tion of $4.39m in­clud­ing a stag­gered cash pay­ment of $2.8m to com­pen­sate for for­feited awards from pre­vi­ous em­ployer Bar­clays.

To­tal ex­ec­u­tive re­mu­ner­a­tion fell from $35.1m to $34.5m.

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