NAB comes under attack for CEO payrise and continued outsourcing

phonelineStaff who work for the BNZ, and who recently received their 4% pay rise, will be looking with interest at the 30% pay rise that their boss, John Stewart, the National Australia Bank CEO, received this year. The pay rise has created a fair amount of controversy in Australia with many thinking that an AU$2.2 million pay increase is a lot, even for the chief executive of a bank. AU$2.2 million could have instead made a tidy little $450 Christmas bonus for every staff member at the BNZ.

Meanwhile more than a hundred members of the Australian Finance Sector Union, who are also shareholders of the bank, have written to NAB asking it to reconsider its outsourcing strategy. This means NAB has been legally required to send the FSU members’ protest letter to all 370,000 of its shareholders. The workers’ letter asks the board to consider the potential damage that outsourcing will cause to NAB’s brand and to the effect on staff morale.

(thanks to splorp for the photo)


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