CBA chief executive Matt Comyn received $10.4 million in pay last financial year.Credit:Peter Rae
Comyn’s fixed salary was unchanged at $2.5 million and his short-term bonuses were steady,but he also received $5.5 million in shares that vested under a long-term bonus scheme put in place in 2018-19,soon after he started in the job.
Other CBA executives who also received a pay rise due to bonus shares that vested in the year included chief financial officer Alan Docherty;institutional banking boss Andrew Hinchliff,retail banking boss Angus Sullivan,chief risk officer Nigel Williams,and human resources group executive Sian Lewis.
The pay rises came as the lender reportedrecord full-year profits of $10.2 billion,but it also said there were signs of risks building in the economy as more households started to come under financial strain.
Comyn’s pay compares with $6 million received by ANZ chief executive Shayne Elliott last financial year,and $3.9 million for both NAB chief executive Ross McEwan and Westpac chief executive Peter King in 2022.
CBA non-executive director Simon Moutter,who chairs the board’s people and remuneration committee,pointed to the bank’s strong performance in the year to June and said it had also made better returns than rivals over the longer term.
Writing in the annual report,Moutter said the pay packets of Comyn and six other senior executives included shares from a long-term bonus scheme that was put in place in 2018-19.