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NAB pays Baird $887,000 for 5 months' work

 

Former NSW premier Mike Baird was paid almost $900,000 for his first five months in charge of National Australia Bank's corporate and institutional unit.

NAB's annual report for the 12 months to September 30 shows that Mr Baird, who took up his role on April 21, received total remuneration of $886,845, including $763,520 of cash in salary and short-term incentives.

Mr Baird's salary as NSW premier when he quit in January was $377,780.

Mr Baird started his banking career with NAB in 1989 and worked in corporate banking with Deutsche Bank and HSBC prior to his stint in state politics.

NAB chief executive Andrew Thorburn was awarded total remuneration of $6.63 million, down slightly on the $6.71 million he was awarded in the previous financial year.

The bank lifted its full-year cash profit 2.5 per cent to $6.64 billion but Mr Thorburn received only 49 per cent of his maximum short-term incentives - compared to 69 per cent in 2016 - because NAB did not meet its targets for improving customer advocacy.

The next best paid executive was chief technology officer Patrick Wright, who joined on April 26 and was awarded total remuneration of $4.39 million including a staggered cash payment of $2.8 million to compensate for forfeited awards from previous employer Barclays.

Total executive remuneration fell from $35.1 million to $34.5 million.