Former Commonwealth Bank chief executive Ralph Norris received a total package of A$9.61 million in his final five months at the bank, annual accounts reveal.
The payments to the New Zealander, who took the helm at the bank after a stint as chief executive of Air New Zealand, represent a combination of short-term bonus payments and long-term share-based awards that are yet to vest for the former chief executive.
The payout for Norris, who retired from the bank on November 30 last year, amounted to about $63,000 a day for that period - more than the average full-year salary of Australians.
Excluding the long-term payments - which are scheduled to vest over next two years based on the bank's performance on customer satisfaction rankings - Norris' payment for the year came in at $4.22m.
New CBA chief executive Ian Narev, meanwhile, was paid $5.68m for his seven months as chief executive. This was more than double his previous $2.68m when he headed CBA's business banking arm.
Other big payments included that for CBA's former retail banking boss Ross McEwan, who was paid $5.34m last financial year, up from $3.62m. McEwan resigned from the CBA in May to take a role at Royal Bank of Scotland in Britain.
The total remuneration for CBA's top 12 executives last financial year, including Norris, was $51.7m.
Separately, CBA's chairman David Turner warned there were unlikely to be “significant improvements” in the global economic environment in the coming year.
A sluggish United States economy and uncertainty through Europe has been weighing on Australia, he said.
CBA last week reported a 4 per cent increase annual cash profit to $7.1 billion.
“While optimistic about the medium to long-term outlook for Australia, the global economy remains uncertain. It is difficult to see the catalyst for alleviating the uncertainty which will continue to affect consumer and corporate confidence,” he said.
Turner said the bank will continue to operate under “conservative” business settings given revenue remains under pressure.
- Sydney Morning Herald