CBA trebles incentive payments for Norris

Incoming Commonwealth Bank chief executive Ralph Norris will qualify for a further $8.2 million in long term incentive payments to be paid in shares, on top of the $3.8 million in share-based payments disclosed when CBA announced the appointment of Norris three months ago. Norris formally takes the helm at CBA on Thursday. The notice of meeting for CBA’s annual general meeting, published yesterday, shows that the bank will allocate $3.8 million worth of shares in the 2006 financial year; $4.0 million worth of shares in the 2007 financial year, and $4.2 million worth of shares in the 2008 financial year.