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On The Record

CBA statement to ABC 7.30

CBA statement to ABC 7.30

CBA responds to ABC 7.30 regarding employee remuneration.

Matt Comyn, Commonwealth Bank Group Executive for Retail Banking Services said:

“Commonwealth Bank is very supportive of the industry-wide review of sales commissions and product-based payments. This review is underway and we have already provided details of our staff bonus structures and remuneration policies to independent reviewer Stephen Sedgwick AO.

“We don’t encourage the use of league ladders to measure product sales, however we do have regular performance discussions with teams and individuals to track how well we are meeting customer needs with a particular focus on customer satisfaction. 

“Bonuses paid to our call centre staff take into account several factors and our reward structures are 50 per cent weighted toward meeting customer satisfaction measures. To be eligible for a bonus payment, all our staff must satisfy risk frameworks and show a commitment to the bank’s values.

“This bonus structure does not vary throughout the year.

“Ms Johnston worked with us from 2010 to earlier this year but we don’t have a record of her raising concerns with us about remuneration structures or how performance is tracked in our call centres during this time. We always encourage our people to raise any concerns and we are committed to ensuring these are investigated and resolved. 

“Our employees can speak up in many different ways; they can approach their leader or any member of the management team, contact human resources or place an anonymous call to our employee SpeakUp hotline."