CBA's $10m man and the problem with soaring CEO pay
Senior executive remuneration has only ever gone one way. And it's not down. That's a problem.
Commonwealth Bank chief executive Matt Comyn recently became the first Australian bank boss to be paid more than $10 million in a single year.
Executive remuneration is a vexed issue and Comyn is running one of the biggest banks in the world - very well. But the sticker shock on his pay packet should focus attention on the spiralling rewards for those at the top end of town, which should be a concern for anyone who cares about business and investors.
Banks are not popular. Bank executives even less so. To a degree they are an easy target for politicians and those fighting for a more just society. But too often executive salaries appear impervious to market forces and uncoupled from actual performance.
In banking, it is something both Australian and global regulators are casting a sharper eye on.
