The salary of Ian Narev, the CEO of the of Commonwealth Bank, has increased to almost $8.1 million including a base rate, incentives and shares.
His base rate for 2014 was $2.575 million, according to the bank’s annual report.
Then there was $1.48 million in short term incentives, total cash payments of $4.055 million, $1.607 million in deferred cash awards and $2.441 million in deferred equity awards.
The total of $8.1 million is about $300,000 more than the previous year when he received $7.8 million.
Measured against other major bank CEO’s, Narev is paid less than contemporaries Mike Smith at ANZ who gets about $10.4 and Westpac’s Gail Kelly with $9.2 million.
The Commonwealth Bank recently launched a program to further compensate customers who received bad financial planning advice. The bank has already paid out $52 million.
Last week the bank announced a lift in net profit of 13% to $8.63 billion for the full year to June 30.
Narev also holds 74,969 ordinary shares worth more than $6 million at today’s price of $81.3.
He also has 248,068 deferred shares, which are subject to performance hurdles, worth almost $20 million at today’s prices.
This table shows the pay for the 2013-14 financial year of the top 12 senior executives at the bank. According to the bank’s annual report, the 12 earned $50 million between them:
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