NAB welcomes interim issues paper on banker remuneration

Share

Share

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.

Announcements

SEE ALL TOPICS

Related Articles

  • Media Release

NAB releases Q1 trading update

  • 21.02.2024
  • Time to read 1 min read
  • Business

NAB’s Green Finance for Commercial Real Estate to help customers reduce emissions, build climate resilience

NAB has launched Green Finance for Commercial Real Estate (CRE) to help support investment in – or the development or retrofit of – eligible, commercial buildings.

  • 14.02.2024
  • Time to read 2 min read
  • Business

NAB’s Adelaide HQ welcomes even more workers back to the CBD

NAB has unveiled its new Adelaide headquarters, supporting a revitalised CBD and setting a new sustainability benchmark for South Australia.

  • 09.02.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.