Former CBA CEO Ian Narev was paid a staggering $2.862 million in 2016, despite the crises plaguing the bank that year including investigations into its life insurance business, revelations about the institution charging customers fees for no service, as well as issues with anti-money laundering compliance, the Hayne royal commission has heard.
The hefty payout was 108% of Narev’s “short-term bonus” that he recommended he should be paid in 2016 - a payment CBA chair Catherine Livingstone acknowledged was “inappropriate” in light of the serious scandals faced by the bank.
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