GOLDEN PARACHUTES (EXECUTIVE COMPENSATION) – AUSTRALIA

NAB CEO forfeits $22m as push for changing of the guard speeds up

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Original article by Joyce Moullakis
The Australian – Page: 17 & 22 : 21-Feb-19

National Australia Bank has revealed that former CEO Andrew Thorburn will receive a ‘golden handshake’ of $1m. However, he will forgo about $22m in performance rights following his resignation. Thorburn was paid about $4m in 2018, but acting CEO Phil Chronican will be paid just $150,000 a month while he is in the role. Meanwhile, NAB chairman Ken Henry will have no role in selecting a permanent successor to Thorburn, while Angus Gluskie of White Funds Management has urged NAB to choose a new CEO within six months.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WHITE FUNDS MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

NAB execs poorer by $44m

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Original article by Richard Gluyas
The Australian – Page: 22 : 18-Nov-14

The 2013-14 annual report of National Australia Bank (NAB) shows that senior managers forfeited some $A44m worth of stock meant as incentive awards. The remuneration of departed CEO Cameron Clyne in his final year at the helm dropped from $A7.8m to $A6m, even when taking into account a "golden parachute" payment of $A1.7m. The lapsed equity in his case amounted to $A19.1m. The details follow the recent news that NAB’s cash profit had fallen by a tenth due to major provisioning charges

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD