Members Equity profit down, exec pay up

Members Equity Bank has raised the remuneration it gives its directors and senior executives despite posting a big fall in profits for the financial year to June 30. Net profit for the year was $5.27 million, down from $9.13 million for the nine months to June 30 2007. Remuneration to non-executive directors was up to $464,000 from $371,000 the year earlier while senior executives received $3.79 million in total, up from $4.56 million the year earlier. The four big industry super fund shareholders who dominate the ownership structure of Members Equity have ordered a strategic review of the bank. Members Equity received $600 million in wholesale funding support from the federal government last month.

Source: The Australian Financial Review