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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  National Australia Bank Ltd.    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LTD. (NAB)
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AustralianSuper to cast protest vote against bank pay plans

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12/10/2018 | 03:15am CET
Ian Silk, Chief Executive of Australia's largest pension fund, AustralianSuper, speaks at Reuters Newsmaker event in Sydney, Australia

SYDNEY (Reuters) - Australia's largest pension fund, AustralianSuper, said it will vote against the executive pay of three of the country's biggest banks, in a show of the investment community's souring attitude towards the sector following a year-long misconduct probe.

Westpac Banking Corp, the country's second-largest lender, would be first to receive AustralianSuper's protest vote at its annual shareholder meeting on Wednesday.

The pension fund said it would also vote against the executive pay plans of Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd in the coming weeks.

"AustralianSuper is disappointed at the approach taken by the boards at ANZ, NAB and Westpac over executive remuneration and will be voting against them at the upcoming AGMs," Ian Silk, AustralianSuper chief executive officer, said in a statement.

"In what has been an annus horribilis for the banking sector, there has been a distinct lack of transparency from the banks around their rationale for paying executive bonuses this year."

Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal for two years running, they can call for the board to be removed.

With about A$8 billion (4.56 billion pounds) of retirement savings invested in the shares of large banks, AustralianSuper holds 2 percent to 2.5 percent of each of the four major lenders.

A powerful Royal Commission inquiry this year exposed major misconduct in Australia's financial industry, including allegations of rip-offs, mistreatment of customers, deception of regulators and even taking money from the dead.

The Australian Council of Superannuation Investors (ACSI), which advises pension funds on how to vote at shareholder meetings, is also urging others to vote against bank executive pay.

"The question we are asking is, what do they have to do not to get a bonus?" Louise Davidson, ACSI chief executive told Reuters.

Australian banks have said they would cut bonuses by 20 percent to 40 percent in response to the inquiry's findings, however Davidson said this was not enough.

Representatives of Westpac and NAB were not immediately available for comment. ANZ declined to comment.

No. 1 lender Commonwealth Bank of Australia held its annual general meeting in September, before AustralianSuper announced its protest vote. At CBA's AGM, just 5.8 percent of investors voted against its remuneration plans.

(Reporting by Paulina Duran; Editing by Byron Kaye and Stephen Coates)

By Paulina Duran

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP 0.53% 24.77 End-of-day quote.-14.27%
COMMONWEALTH BANK OF AUSTRALIA 0.23% 68.43 End-of-day quote.-15.02%
NATIONAL AUSTRALIA BANK LTD. 0.43% 23.49 End-of-day quote.-20.90%
WESTPAC BANKING CORP 0.80% 25.06 End-of-day quote.-20.70%
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Financials (AUD)
Sales 2019 18 537 M
EBIT 2019 9 846 M
Net income 2019 6 588 M
Debt 2019 -
Yield 2019 8,33%
P/E ratio 2019 10,09
P/E ratio 2020 9,78
Capi. / Sales 2019 3,45x
Capi. / Sales 2020 3,33x
Capitalization 63 954 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 29,0  AUD
Spread / Average Target 24%
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Managers
NameTitle
Andrew Gregory Thorburn Group CEO, MD & Executive Director
Kenneth Ross Henry Chairman
Patrick C. Wright Chief Technology & Operations Officer
Gary A. Lennon Chief Financial Officer
Anthony K. T. Yuen Independent Non-Executive Director
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