Commonwealth Bank shareholders have voted for the adoption of the remuneration report and the grant of securities to the chief executive in the annual general meeting.
In the annual general meeting, 78.54% of shareholders proxy voted in favour for the grant of securities to Matt Comyn.
He will receive 23,394 restricted share units as his long-term alignment remuneration (LTAR) and 23,394 performance rights as his long-term variable remuneration (LVTR) award.
As a result, Comyn's pay in 2021 will be $5.6 million, up $1.3 million from the previous year. It will be made up of $2.3 million in fixed remuneration, $2.16 in variable short-term pay and $1.6 million in LTAR and LVTR.
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The remuneration report narrowly missed a strike, receiving 78.7% of votes in favour of it.
CBA chair Catherine Livingstone explained the bank had implemented a new remuneration framework which reduces overall maximum executive pay by 19% and increases Comyn's vesting period to a maximum seven years.
"Our objectives in making these changes include attracting and retaining exceptional talent, meeting the spirit of expected regulatory change; and more closely aligning the management incentives with shareholders' experience," she said.
However, the Finance Sector Union National Secretary Julia Angrisano had concerns earlier this week, highlighting that staff are being offered low pay rises while executives receive millions.
"It's time for the CBA to recognise that its offer of a pay freeze for some staff while others were being offered 1.5 to 2% in the current EBA negotiations falls far short of staff expectations," she said.
A current employee shared similar sentiments in the meeting and asked how the board can reconcile this remuneration as employees are offered lower wage increases.
Livingstone said the bank is still in the process of negotiating the enterprise agreement but there will be an increase for customer facing roles.
"We all recognise the incredible contribution our staff have made this year especially our customer facing staff who have worked tirelessly," she said.
Australian Shareholder Association (ASA) spokesperson Lewis Gomes said the ASA notes the significant leadership of the executive team through the year and voted in favour.