CBA's Ralph Norris has become the nation's highest-paid CEO after his pay packet increased this year by 75 per cent to $16.2 million.
Long-term incentive payments pushed Mr Norris just past the likes of Westfield group founder Frank Lowy on $16m, Leighton Holdings' Wal King on $12.6m and BHP Billiton's Marius Kloppers on $12m.
ANZ Bank's Mike Smith was Mr Norris's closest rival among the big four banks on $10.9m, with Westpac's Gail Kelly third on $10.6m.
CBA's annual report, released yesterday, revealed the $9.2m in share payments that Mr Norris was awarded this year was almost triple the equivalent amount he was granted in the 2008-09 financial year.
Mr Norris also received short-term cash incentives totalling $3.7m, although half of that amount was deferred for one year.
Finance Sector Union national policy director Rod Masson said CBA staff would "rightly be outraged" by the pay rise. "All we can do is express outrage and bewilderment," Mr Masson said. "We've just signed off a 12-month deal that delivers to CBA staff 4 per cent pay increases."
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