in brief Commonwealth Bank of Australia has revealed that the reported annual payment of its chief information officer Michael Harte has increased by over a million dollars.
Although Harte's base pay and short-term incentive payments have remained roughly the same, or have been reduced on the previous year, his long-term incentives have increased substantially.
In total, Harte has been credited with receiving $4,211,981 for the year's work. However, around $2 million worth of that reward was due to long-term incentives. Long-term incentive figures reflect share or options that have been issued with long-term performance hurdles attached. The annual value of such rewards can only be estimated.
Harte was praised at the bank's annual results for being instrumental to the company's success.