Commonwealth Bank Boss Ian Narev Made $2.1 Million More This Year Than He Did In 2012

Photo: Getty / Cameron Spencer

Commonwealth Bank boss Ian Narev made $2.1 million more in 2013 than he did last year, according to the bank’s annual report which was released this morning.

With the bank’s share price and profit at record highs, Narev took home $7.8 million in 2013, $2.1 million more than the $5.7 million he earned in 2012.

He wasn’t CEO for a full year in 2012 though. Narev did seven months at the helm after taking over for Ralph Norris.

Last week CBA reported a $7.8 billion full-year profit.

Narev’s package was made up by $2.5 million in salary and superannuation, as well as $3 million in short-term performance bonuses, and $2 million in long-term incentive payments, subject to the bank meeting future targets.

On Sunday Narev said the bank would lift a pay-freeze on executive salaries which had been in place throughout the 2013 financial year.

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