NAB boss in line for millions in bonuses
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SYDNEY, Nov 12 AAP
November 12 2012, 1:09PM
National Australia Bank chief executive Cameron Clyne stands to be awarded almost $4 million worth of bonuses.
The bank's shareholders will vote on the grant of performance rights to Mr Clyne and the bank's director of finance Mark Joiner in December, just months after NAB posted a 22 per cent drop in full year net profit to $4.08 billion.
Mr Clyne stands to be awarded up to $1.2 million in NAB shares under short-term incentives (STI), and up to $2.7 million in shares as part of long-term incentives (LTI).
Mr Joiner could be granted shares worth more than $1.5 million.
The long-term incentive performance rights will be subject to the achievement of a performance hurdle, NAB said in its notice of annual general meeting issued on Monday.
The performance hurdles provide a "stretch" for Mr Clyne and Mr Joiner to achieve, and are aligned to the creation of company value and shareholder returns, NAB said.
If approved by shareholders, the shares are expected to be issued in December or January.
"If shareholders do not approve the grant of these securities at this meeting, the STI and the LTI will be provided in cash," the bank said.
The details of Mr Clyne's salary and other remuneration for the bank's fiscal 2012 year will be released later in November.