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CBA cops first strike on executive pay

AAP logoAAP 9/11/2016

Shareholders have delivered a significant protest vote against executive pay at the Commonwealth Bank.

Nearly 49 per cent of the votes received at CBA's annual general meeting in Perth on Wednesday were against the remuneration report, amid concern about bonuses being awarded to executives despite weaker returns to shareholders.

"Based on direct proxies and votes received, we will receive a first strike on the remuneration report, and as I said earlier, we will of course discuss this with shareholders over the course of the next 12 months," Commonwealth Bank chairman David Turner told shareholders.

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