In response to the adverse reaction from investors, Australia's Commonwealth Bank has distanced itself from its plan to allocate reward rights to the bank's chief executive.
Prior to the bank's annual general meeting, which was held in Perth,Western Australia, the board of Commonwealth Bank of Australia (CBA) announced the withdrawal of Resolution 4 from the 2016 Notice of Annual General Meeting.
The resolution pertains to the grant of reward rights to CBA's Chief Executive Officer Ian Narev.
The plan was due to be voted on during the bank’s annual general meeting in Perth today, but CBA said this morning the resolution would no longer be put to a vote.
Earlier this year the bank's shareholders hit out at CEO Narev's $12.3 million pay packet.
New Chairman's Influence
Despite backing away from the controversial plan, CBA said proxy votes had indicated the resolution would have passed if it had proceeded as planned.
New chairman Catherine Livingstone, whose appointment finews.asia reported on recently, was part of the board which approved the measures.
