Greens Treasury spokesperson, Senator Peter Whish-Wilson, has labelled the decision by the Commbank board to cut just the short-term cash bonus of Ian Narev and his colleagues, while leaving the remainder of their bonuses in-tact as simply 'stunning'.
Senator Whish-Wilson said, “The big bucks should stop with the Commonwealth Bank CEO and senior executives. Not one of them should get a single cent in bonuses, whether those bonuses are in shares or in cash, or whether they relate to this year’s performance or the last four years.
“This latest AUSTRAC scandal relates to failures that have occurred over a number of years, to simply trim the edges off the bacon fat on these massive rashers of executive bonuses is a joke - and not a funny one.
“This will not restore public or shareholder trust in the bank, it rather shows how the corporate elite of Australia are totally out of touch, when the CEO of company can still get a package of shares and salary totalling around $10 million, despite such serious oversights.
“This move is just a slap on the wrist and I hope the shareholders now turn their attention to the board of Commbank to consider whether they are responding to this scandal with the seriousness it deserves.
“Australia desperately wants to see a Royal Commission or a Parliamentary Commission of Inquiry to seriously hold the banking sector to account and restore public trust in this most important of industries,” he concluded.