NAB welcomes interim issues paper on banker remuneration

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NAB today welcomed the interim issues paper on banker remuneration and incentives released by Stephen Sedgwick on behalf of the Australian Bankers’ Association (ABA).

Lynda Dean, NAB Executive General Manager, Performance & Reward, said: “building trust among customers and the community is critical to our business and our industry, which is why NAB has been working to improve our remuneration systems to put the customer at the heart of everything we do.

“From our board and CEO down, at NAB we are focussed on building the culture and leadership capabilities to deliver the right outcomes for customers.

“We support industry-wide reform in the critical area of product sales commissions and product-based payments. We welcome today’s interim issues paper, which is important progress towards the final recommendations of the Sedgwick review. We will consider it over coming days.

“NAB has already committed to implementing the final Sedgwick recommendations. We will consult with our employees and move to implement the changes,” Ms Dean said.

Background:

  • In 2016, NAB moved away from performance-based, fixed pay increases for customer service and support staff. These staff will now receive a standard pay rise of 3% per year, under our 2016 NAB Enterprise Agreement.
  • Everyone at NAB has a balanced scorecard measuring not only what we achieve but how we do it.
  • 12% of our people are on incentive schemes involving product targets, and any payments are subject to various safeguards to protect the integrity of the system.
  • Safeguards are also in place to ensure we all meet rigorous conduct and compliance standards. If we don’t, that could result in reduced or no incentive payment – or even recovery of previous incentive payments paid, or disciplinary action.

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