August 25th, 2011 
Travis Brown Ralph Norris, chief executive of Commonwealth Bank saw his pay packet cut by 47 per cent during the last financial year, receiving total compensation of $8.64 million. In the previous financial year, Mr. Norris earned a package of $16.2 million, however this year, due to a change in the value of his long term incentive, his remuneration fell.
Mr. Norris will step down as chief of CBA in November, and during the course of the year received $4.76 million in cash, of which his base pay was $3.12 million, and a short term incentive package of $1.64 million according to CBA’s annual report.
Additionally, Mr. Norris received $1.82 million of compensation in the form of company shares and rights as his long term incentives. The previous financial year, the value of these incentives stood at $9.19 million.
CBA performed better than expected in the previous year and as a result Mr. Norris long term bonus reflected that.CBA’s net profit rose 20 per cent to $5.66 billion in 2009/10. In the most recent financial year, the bank produced a 13 per cent increase in net profit of $6.4 billion. According to CBA, 59 per cent of Mr. Norris’s compensation package was tied to performance.
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