What scandal? CBA bosses cash in

He said the CBA and its executives ‘‘haven’t atoned for their sins yet’’. ‘‘There’s many customers who haven’t recovered funds, lost to dodgy financial advice and bad behaviour, and yet the bosses have given themselves a pay rise. ‘‘This sales-based culture that drives shareholder returns is responsible for these large pay packets and is also responsible for the behaviour that has caused customers to lose money.

Greens Senator and former investment banker Peter Whish-Wilson said CBA shareholders should be ‘‘jumping up and down’’ over Mr Petersen’s pay packet. ‘‘I’m flabbergasted that they’ve given him a pay rise when we don’t know what shareholders will have to pay out yet for compensation for poor financial advice over the period when he was in charge,’’ Senator Whish-Wilson said.

Victims of the Commonwealth Bank’s financial planning scandal have slammed as ‘‘obscene’’ and ‘‘devastating’’ the multimillion-dollar pay packets pocketed by executives in charge of the troubled division.

Citing ‘‘intense public scrutiny’’ of the financial planning scandal, CBA director Jane Hemstritch said the remuneration committee she heads lopped $515,000 from the bonus chief executive Ian Narev would otherwise have received.

Jan Braund, who also fell victim to Mr Nguyen, said: ‘‘When they announced a record profit of $8. 68 billion last week I thought that was obscene, but the bonuses they are paying themselves given what has gone on is even more devastating. ‘‘These are the people who are supposed to look after the little people who collectively made that bank wealthy, they are the ones reaping the rewards and it has taken this amount of time for them to even think of the little people.

Read more here: SMH


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