Proxy firm ISS has encouraged shareholders to vote against CBA chief executive Matt Comyn's pay.Credit:Louie Douvis
"In CBA's case,the stock price has gone down 30 to 40 per cent,results are down 11 per cent for the year and the bonuses are getting bigger,"he said."Since when do you get a bonus for fixing a failure?"
CBA shareholders will vote on executive pay at the bank's annual general meeting on Tuesday. ISS has advised shareholders to vote against the company's remuneration report,but other groups including CGI Glass Lewis and the Australian Council of Superannuation Investors have endorsed it.
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There has been intense scrutiny over pay for top banking executives since the damaging revelations of the Hayne royal commission. Last week the Reserve Bank of Australia said the banking regulator would soon resume work onensuring executive pay was tied to targets that encourage good practice and culture.
CBA chief executive Matt Comyn is set to receive a base salary plus short and long-term bonuses totalling over $3.4 million,meaning his total pay for the year will be more than $5.6 million,up from $4.3 million the previous year,according to CBA's annual report.
ISS figures show Mr Comyn's bonus would reach $6.2 million,based on 47,957 shares being awarded in November last year. Under this calculation his total take home pay would be more than than $8.4 million.
Mr Kolesnikoff said bank executives should not be paid for"doing their day job".