What other conclusion can we possibly draw? Yesterday the CEO declared he would take a well-earned holiday:
National Australia Bank chief executive Andrew Thorburn will take extended period of leave from the bank after a bruising year of scandals at the big four lender that ran as deep as his own office, that he described as “the biggest and most relentless” of his career.
A spokesman for the bank confirmed that Mr Thorburn is taking holidays following the annual general meeting this week, and will return to work ahead of the release of the Hayne royal commission‘s final report, which is due on February 1.
“He will then take a month’s long service leave to refresh, recharge and spend time with his family before returning to lead NAB through the next stage of our transformation,” a spokesman said.
In other words, he’ll be away through virtually all of the most important event in modern Australian banking history. Say what?
Now today, at the AFR:
National Australia Bank chairman Ken Henry will try to head off investor fury at today’s annual meeting by scrapping the bank’s controversial executive pay structure.
Up to 90 per cent of investors are expected to vote against the new remuneration arrangements, introduced just three months ago, in what will be a record strike against a blue-chip company.
Dr Henry will tell shareholders at the meeting in Melbourne that the bank’s board got it wrong on executive pay this year and that the new remuneration scheme is not right.
But this is already Dr Henry’s new remuneration structure, already adjusted post-Hanye RC. Chanticleer puts the boot in:
National Australia Bank chairman Ken Henry is a fast learner, judging from his decision to abandon an executive pay structure that is expected to earn a record negative first strike against the bank’s remuneration report at the annual meeting in Melbourne on Wednesday.
Henry is willing to swallow his pride and admit he got it wrong when introducing a new pay plan in September. He is treating the negative vote of more than 80 per cent against the remuneration report seriously, though it is non-binding.
This is a different Henry to the combative and over-confident person who fronted the Hayne royal commission in November. His response to questions put by counsel assisting Rowena Orr gave the impression NAB had not learnt a lot from the conduct issues uncovered in its wealth and banking businesses.
Good one. Ken Henry needs a permanent holiday and NAB needs new management before its share price also disappears to the Bahamas: