$130k a week for NAB boss

The West Australian - - WEST BUSINESS - Jeff Whalley

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.

Pic­ture: AAP

NAB chief ex­ec­u­tive Andrew Thor­burn re­ceived a $6.63 mil­lion pay and perks pack­age for the year to Septem­ber.

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