CBA execs lose bonuses over AUSTRAC case

August 08, 2017

Commonwealth Bank executives will be hit in the pocket over the bank's more than 53,000 alleged breaches of anti-money laundering and counter-terrorism financing laws, with chief executive Ian Narev among those losing bonuses for the past financial year.

CBA says short-term incentives for group executives in its full-year results due for release on Wednesday will be cut to zero to demonstrate "collective accountability", while non-executive director fees will be cut by 20 per cent in the 2018 financial year.

"The board recognises heightened public interest in executive remuneration, particularly having regard to the civil penalty proceedings initiated last week by the Australian Transaction Reports and Analysis Centre (AUSTRAC)," CBA said in a statement to the Australian Securities Exchange on Tuesday.

More in National
Login Sign Up

Dummy text