Shareholder Updates - Commonwealth Bank Group

Board of Directors

David Turner


David has been a Director of the Board since August 2006 and Chairman since February 2010. David is Chairman of the Board Performance & Renewal Committee, and a member of the Risk Committee and the Remuneration Committee. He was Chairman of Cobham plc (2008 to 2010) and CEO of Brambles (2003 to 2007). David has held a number of directorships including Whitbread plc and the Iron Trades Insurance Group and has been a member of the Quotations Committee of the London Stock Exchange. Age 69.

Ian Narev

Managing director & CEO

Ian was appointed MD and CEO in December 2011. He joined the Group in May 2007 and was Group Head of Strategy and Group Executive, Business and Private Banking. Prior to CBA, Ian was a partner of McKinsey’s New York, Sydney and Auckland offices (1998 to 2007). Ian is Chairman of Commonwealth Bank Foundation, and a member of Financial Markets Foundation for Children. Age 47.

Sir John Anderson KBE


Sir John has been a Director of the Board since March 2007, and is a member of the Audit Committee, the Risk Committee, and the Board Performance & Renewal Committee. He was CEO & Director of ANZ National Bank Ltd (2003 to 2005) and National Bank of New Zealand Ltd (1989 to 2003). Sir John is Chairman of NPT Ltd, Steel & Tube Holdings Ltd and Deputy Chairman of Turners & Growers Ltd. Age 69.

Shirish Apte

Shirish has been a Director of the Board since June 2014. Shirish is a member of the Audit Committee and the Risk Committee. He was Co-Chairman of Citi Asia Pacific Banking (2012 to 2014) and CEO of Citi Asia Pacific (2009 to 2011). Shirish is a director of Crompton Greaves Ltd, Citibank Japan and a member of the Supervisory Board of Citibank Handlowy, Poland. Age 61.

Jane Hemstritch

Jane has been a Director of the Board since October 2006. Jane is Chairman of the Remuneration Committee, and is a member of the Risk Committee. She was MD Asia Pacific for Accenture Ltd (2004 to 2007). Jane is a director of Lend Lease Corporation Ltd, Santos Ltd, Tabcorp Holdings Ltd and Chairman of Victorian Opera Company Ltd. Age 61.

Sir David Higgins

Sir David has been a Director of the Board since September 2014. Sir David is a member of the Remuneration Committee. He was Chief Executive of the Network Rail Infrastructure Ltd and Chief Executive of the Olympic Delivery Authority (2006 to 2011). Sir David is the Chairman of High Speed Two (HS2) Ltd. Age 59.

Launa Inman

Launa has been a Director of the Board since March 2011. Launa is a member of the Audit Committee and the Remuneration Committee. She was MD and CEO of Billabong International Limited (2012 to 2013), MD of Target Australia Pty Ltd (2005 to 2011), and MD of Officeworks (2004 to 2005). Launa is a director of Virgin Australia, Melbourne Fashion Festival and The Alannah and Madeline Foundation. Age 58.

Carolyn Kay

Carolyn has been a Director of the Board since March 2003. Carolyn is a member of the Audit Committee and the Remuneration Committee. She has over 25 years of experience in international finance including working as both a banker and a lawyer at Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York and Australia. Carolyn is a director of Allens Linklaters, Brambles Ltd, John Swire & Sons Pty Ltd, and Sydney Institute. Age 53.

Brian Long

Brian has been a Director of the Board since September 2010. Brian is Chairman of the Audit Committee and a member of the Risk Committee. He retired as partner of Ernst & Young in June 2010. Until that time he was Chairman of both Ernst & Young Global Advisory Council and the Oceania Area Advisory Council. Brian is director of Cantarella Bros. Pty Ltd, Brambles Ltd and Deputy Chairman of Ten Network Holdings Ltd. Age 68.

Andrew Mohl

Andrew has been a Director of the Board since July 2008. Andrew is a member of the Risk Committee and the Remuneration Committee. He was MD and CEO of AMP Ltd (2002 to 2007) and former Group Chief Economist and MD of ANZ Funds Management at ANZ Banking Group. Andrew is Chairman of Federal Government Export Finance and Insurance Corporation. Age 58.

Harrison Young

Harrison has been a Director of the Board since February 2007. Harrison is Chairman of the Risk Committee, a member of the Audit Committee, and the Board Performance & Renewal Committee. He was Chairman of NBN Co Ltd (2010 to 2013) and Morgan Stanley Australia (2003 to 2007), and Director of the Bank of England (2009 to 2012). Age 69.

Executive Management

Kelly Bayer Rosmarin

Kelly was appointed Group Executive, Institutional Banking and Markets in December 2013. She is responsible for providing a full range of capital raising, transactional and risk management products and services to the Group’s corporate and government clients and institutional investors. Kelly joined CBA in 2004 and has held a variety of senior roles. She is a member on the Board of AFMA and the Stanford Australia Foundation. Prior to CBA Kelly worked for Boston Consulting Group, Callico Commerce and PeopleSoft in the USA.

Simon Blair

Simon was appointed Group Executive, International Financial Services in June 2009. He is responsible for managing the Group’s Asian banking and life operations. Previously Simon was MD of Sovereign New Zealand and COO of Medibank Private Australia. He also held senior roles at the World Bank
 and Inner & Eastern Health Care Network.

Barbara Chapman

Barbara was appointed Chief Executive and Managing Director of the Group’s New Zealand subsidiary ASB in April 2011. Since 1994 she has held a number of senior executive roles across the Group. She started her career with the Group as Chief Manager Marketing at ASB. She was also appointed non-executive director of the Group’s New Zealand life insurance business, ASB Life Ltd (Sovereign). Her previous role was Group Executive, Human Resources and Group Services.

David Cohen

David commenced as General Counsel in June 2008 and took on the role of leading Group Corporate Affairs in early 2012. He advises the CEO and the Board on legal matters and is also responsible for the Group’s external and internal affairs, communications, sustainability and corporate governance. Previously he was General Counsel of AMP and a partner with Allens Arthur Robinson for 12 years.

Matt Comyn

Matt was appointed Group Executive, Retail Banking Services in August 2012. He is responsible for the Group’s retail banking operation. Previously he was MD of CommSec (2006 to 2010) and EGM for Local Business Banking. He has also held a number of roles in the Institutional Banking division. Matt played a pivotal role in the development of the CommSee platform, the Group’s customer relationship management system.

David Craig

David commenced as Chief Financial Officer of the Group in September 2006. He is responsible for the overall financial functions of the Group. David has over 38 years’ experience in banking and finance. He was CFO for Australand, Global CFO of PwC Consulting, COO for PricewaterhouseCoopers Australasia and a director of the Australian Gas Light Company. David currently serves as a director of the Victor Chang Cardiac Research Institute.

Rob Jesudason

Rob was appointed Group Executive, Group Strategic Development in July 2012. He is responsible for Group Strategy, Group Mergers and Acquisitions and also Group Strategic Initiatives. Rob joined CBA in December 2011 as Group Head of Strategic Development. He is also on the Board of ASB Bank in NZ. Prior to CBA Rob held senior positions at Credit Suisse, JP Morgan, Barclays PLC and McKinsey. He has worked in Hong Kong, Europe and Japan.

Melanie Laing

Melanie commenced as Group Executive, Human Resources in February 2012. She is responsible for all of the Group’s HR functions. Melanie has extensive experience and a diverse background leading HR divisions for large companies. She has headed global and regional HR functions for several multinational and ASX listed organisations, and has worked in the US, Europe and Asia.

Grahame Petersen

Grahame was appointed Group Executive, Business and Private Banking in October 2011. He is responsible for business banking, Private Banking and CommSec. Previously, he was Group Executive, Wealth Management (2006 to 2011). He has 35 years of experience in the financial services industry, across retail banking, corporate banking, insurance and funds management.

Annabel Spring

Annabel was appointed Group Executive, Wealth Management in October 2011. She is responsible for Colonial First State, Colonial First State Global Asset Management, Advice and Commlnsure. Annabel joined CBA in 2009 as Group Head of Strategic Development. Prior to CBA, Annabel was Managing Director and Global Head of Firm Strategy and Execution at Morgan Stanley. Annabel has experience in Australia, Asia and the US. She is a member of the Advisory Board for the Salvation Army Australian Eastern Territories and a director of the Financial Services Council.

Alden Toevs

Alden commenced as Group Chief Risk Officer in 2008. He is responsible for providing leadership in ensuring effective risk management and governance. Prior to CBA Alden was with First Manhattan Consulting Group for 18 years, advising more than 100 banks globally on risk, strategy, mergers, and performance measurement. He serves as a Board member of the Centre for International Financial Research and Bell Shakespeare.

David Whiteing

David was appointed Group Executive, Enterprise Services and Chief Information Officer in July 2014. David is responsible for leading the technology and operations teams and delivering the Group’s strategic pillar of the ‘world-leading application of operations and technology’. David is a highly experienced business and IT executive with a track record of delivering technology transformation in many industries both in Australia and overseas. Prior to CBA he was Vice President of Enterprise Systems at BP in the UK.


Non-Executive Directors

The Group has a strong composition of skilled, knowledgeable and experienced Non-Executive Directors on the Board.
Non-Executive Directors’ fees reflect the scope of their roles and responsibilities. They receive fees for services on the Board and Committees. Fee levels are fixed and the total amount of all fees for Non-Executive Directors on the Board is capped by a shareholder-approved pool (currently $4 million per year).

Non-Executive Directors Remuneration in relation to the 2014 financial year

Fees1($000) Superannuation ($000) Total Payments ($000)
David Turner 832 18 850
Non-executive Directors
John Anderson 258 18 276
Shirish Apte2 14 1 15
Jane Hemstritch 303 18 321
Launa Inman 275 18 293
Carolyn Kay 303 18 321
Brian Long 303 18 321
Andrew Mohi 275 18 293
Harrion Young 314 18 332

(1) Cash includes Board and Committee fees including the portion of fees used to purchase CBA shares.

(2) Shirish Apte was appointed as a Non-Executive Director on 10 June 2014 and his remuneration has been prorated accordingly.

Further information about Non-Executive Directors’ remuneration is available on page 55 of the 2014 Annual Report and on the Group’s website

The CEO and Group Executives

The CEO and Group Executives receive a mix of fixed and performance-based remuneration that is market competitive.
Performance-based remuneration includes short-term incentives (STI) and long-term incentives (LTI). These awards are aligned to the Group’s short-term and long-term business strategies and reflect the Group’s strategic priorities.

CEO and Group Executives Remuneration in relation to the 2014 financial year

Previous Years' Awards that Vested during 20143 Previous Years' Awards Forfeited/Lapsed during 20144
Fixed Remuneration1
2014 STI for Performance to 30 June 20142 ($000) Total Cash Payments in relation to the 2014 year($000) Deferred Cash Awards
Deferred Equity Awards ($000) LTI Awards ($000)
Ian Narev (CEO) 2,575 1,481 4,056 1,607 2,441 (309)
Kelly Bayer Rosmarin5 529 331 860 - - -
Simon Blair 850 527 1,377 521 2,192 (278)
David Cohen 900 462 1,362 579 2,369 (300)
Matthew Comyn 1,000 675 1,675 583 - -
David Craig 1,380 890 2,270 887 3,015 (382)
Michael Harte 1,075 666 1,741 652 2,728 (346)
Robert Jesudason 825 575 1,400 518 - -
Melanie Laing 825 506 1,331 494 - -
Grahame Peterson 1,175 645 1,820 647 3,159 (400)
Annabel Spring 1,000 622 1,622 645 722 -
Alden Toevs 1,430 933 2,363 875 4,021 (510)
  1. Base Remuneration and superannuation make up an Executive’s fixed Remuneration.
  2. This is 50% of the 2014 STI for performance during the 12 months to 30 June 2014 (payable September 2014). The remaining 50% is deferred until 1 July 2015.
  3. The value of all deferred cash and/or equity awards that vested during 2014 financial year. This includes the value of the award that vested, plus any interest
 and/or dividends accrued during the vesting period. A portion of Ian Narev’s deferred equity award was delivered in the form of cash, which was paid to registered charities pursuant to an option that the Board made available.
  4. The value of any deferred cash and/or equity awards that were forfeited/lapsed during the 2014 financial year.
  5. Kelly Bayer Rosmarin commenced in the KMP role on 16 December 2013. Remuneration reflects time in the KMP role.

Further information about Executives’ remuneration is available on pages 54 and 56 of the 2014 Annual Report and on the Group’s website

Five Years

2014 $M 20131$M 20121$M 2011 $M 2010 $M
Income Statement
Net interest income 15,091 13,944 13,157 12,645 12,008
Other operating income 7,310 6,877 6,319 7,014 7,051
Operating expenses (9,499) (9,010) (8,627) (8,891) (8,601)
Impairment expense (953) (1,082) (1,089) (1,280) (2,075)
Net profit before tax 11,949 10,729 9,760 9,488 8,383
Corporate tax expenses (3,250) (2,953) (2,705) (2,637) (2,266)
Non-controlling interests (19) (16) (16) (16) (16)
Net profit after tax ("cash basis") 8,680 7,760 7,039 6,835 6,101
Hedging and IFRS volatility 6 27 124 (265) 17
Bankwest non-cash items (56) (71) (89) (147) (216)
Tax on New Zealand structured finance transactions - - - - (171)
Other non-cash items 1 (98) (58) (29) (67)
Net profit after tax ("statutory basis") 8,631 7,618 7,016 6,394 5,664
Contributions to Profit (After Tax)
Retail Banking Services 3,472 3,089 2,703 2,854 2,461
Business and Private Banking 1,526 1,474 1,513 1,030 898
Institutional Banking and Markets 1,258 1,195 1,098 1,004 1,173
Wealth Management 621 577 492 581 592
New Zealand 739 616 557 469 387
Bankwest 680 561 527 463 (45)
Other 187 143 60 353 457
Net profit after tax (“underlying basis”) 8,483 7,655 6,950 6,754 5,923
Investment experience after tax 197 105 89 81 178
Net profit after tax (“cash basis”) 8,680 7,760 7,039 6,835 6,101
Balance Sheet
Loans, bills discounted and other receivables 597,781 556,648 525,682 500,057 493,459
Total assets 791,451 753,857 718,839 667,899 646,330
Deposits and other public borrowings 498,352 459,429 437,655 401,147 374,663
Total liabilities 742,103 708,320 677,219 630,612 610,760
Shareholders’ equity 49,348 45,537 41,620 37,287 35,570

1 Comparative information has been restated to conform with presentation in the current period.

Financial Calendar

12 November 2014

2014 Annual General Meeting (Melbourne)

11 February 2015

Interim results and interim dividend announcement

17 February 2015

Ex-dividend date for interim dividend

19 February 2015

Record date for interim dividend

2 April 2015

Interim dividend payment date

12 August 2015

Full year results and final dividend announcement

18 August 2015

Ex-dividend date for final dividend

20 August 2015

Record date for final dividend

1 October 2015

Final dividend payment date

Dates may be altered by the Commonwealth Bank should circumstances require. Any changes will be advised to the Australian Securities Exchange Limited. For further information about the Group’s latest financial information, company announcements, current and historical share prices and dividends, key financial dates or to access and manage your shareholding online, please visit:

Shareholder Updates

CBA Investor Relations App for iPad

The Commonwealth Bank Investor Relations app gives you the latest CBA financial information at your fingertips. Keep up to date on corporate news and events with access to share prices, Annual Report publications, results, ASX announcements, investor presentations and webcasts.

To download the app for free, simply visit the iTunes store on your iPad.

Your Commonwealth Bank Dividend

Commonwealth Bank pays cash dividends by direct credit to shareholders with registered addresses in Australia, New Zealand and the United Kingdom. Shareholders can elect to participate in the Dividend Reinvestment Plan (DRP). Please visit the Commonwealth Bank Shareholder Centre to find out more
 about the DRP.

Go Electronic

The Commonwealth Bank of Australia encourages shareholders to elect to receive electronic communications for a sustainable environment. Notifications of Dividends, Notices of Meetings, Annual Reports and other important notifications and announcements can be instantly delivered to your email inbox without the hassle and delays of regular mail.

To receive shareholder communications electronically, contact Link Market Services or log onto Link’s Investor Centre:

Servicing more than 20 million visitors every month with access to online banking, products, services and information, is the most visited financial services website in Australia.

Winner of the 2014 Money Magazine Banking website of the year for the fourth consecutive year and finalist in AIMIA’s Best Financial Services category, continues to evolve and meet the ever-changing needs of our customers.

Over the last year since the redevelopment of the site, we’ve made a number of changes to improve the site experience and respond to customer feedback, including:

  • Simplified online application processes, providing instant access to new accounts in NetBank and shortening the process by up to 60%.
  • CAN – our portal of information to help customers improve their financial wellbeing. Combined with the newly redesigned CommBank blog, customers have a wealth of information at their fingertips, from how to buy a home or a car, to planning for retirement.
  • Easy access to product and service support for customers through the new Support Hub.

Contact Information

Head Office

Commonwealth Bank of Australia

Ground Floor, Tower 1

201 Sussex Street

Sydney NSW 2000

Telephone: +61 2 9378 2000

Facsimile: +61 2 9118 7192

Share Registrar

Link Market Services Limited

Level 12

680 George Street


Telephone: +61 1800 022 440

Facsimile: +61 2 9287 0303



Telephone numbers for overseas shareholders

New Zealand 0800 442 845

United Kingdom 0845 640 6130

Fiji 008 002 054

Shareholder Information

Annual Report

To request a copy of the Annual Report, please call

Link Market Services Limited on +61 1800 022 440

or by email at

Electronic versions of Commonwealth Bank’s Annual Reports are available on

Australian Securities Exchange Listing