Published: Tue, August 08, 2017
Markets | By Noel Gibbs

Commonwealth Bank executives hit where it hurts

Commonwealth Bank executives hit where it hurts

Commonwealth Bank executives will be hit in the pocket over the bank's alleged breaches of anti-money laundering and counter-terrorism financing laws, with chief executive Ian Narev and others losing their bonuses.

"In reaching this conclusion the overriding consideration of the board was the collective accountability of senior management on the overall reputation of the group".

"The board also recognised that it has shared accountability and therefore has chose to reduce non-executive director fees by 20% in the current 2018 financial year".

CBA shares were down one per cent at $80.73 at 1200 AEST.

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Commonwealth Bank (ASX:CBA) has made a decision to scrap short-term variable remuneration outcomes for the CEO and Group Executives for the financial year ending 30 June 2017.

"Mr Narev retains the full confidence of the Board", she said.

Narev was previous year paid $12.3 million, including $1.4 million in short term incentives.

Commonwealth Bank's full-year results for the 12 months to June 30 are due for release on Wednesday, while the remuneration packages will be included in next week's annual report.

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The bank's board received a first "strike" from shareholders angry about executive pay levels at its 2016 AGM and is now at risk of a second strike - and subsequent board spill vote - at this year's meeting.

It also failed to report suspicious transactions on time, or at all, that totalled A$77 million, and did not monitor customers or manage the risk even after becoming aware of suspected money laundering, the agency claimed.

Narev has played down the allegations, blaming most of the breaches on a software issue that was fixed as soon as it came to light.

Morningstar analyst David Ellis said CBA would be able to meet any financial penalty if found guilty of the AUSTRAC charges but risks to its reputation are more serious.

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The banking industry, supported by the Liberal-led coalition government, has rejected such pressure, although an inquiry has widespread public support and the backing of the opposition Labor Party.

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