Welcome to the Federal Budget 2016/17 special issue of GuerdonNews^®

Bank executive remuneration to be prescriptively regulated

The Australian federal government has flagged new regulation of banker pay, requiring 60% (CEO), or 40% (executive) of variable pay, to be deferred for at least four years. For most Australians, this will bring to mind the major bank executives who are perceived to be highly rewarded.

However, there are over 140 ADIs in Australia, 42% of which are mutuals (credit unions or building societies) and 35% are foreign banks. 

Moreover, prescribing how bank executives are to be paid is a shock, given that governments over several decades have taken the view that private sector executive remuneration is a governance matter for owners and their elected board directors.

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