Phil Chronican is open to linking executive pay to hitting the bank’s net zero target, but is still looking for the right, robust measurement.
, including Bendigo and Adelaide Bank. But none of the major banks do, amid proxy adviser scrutiny of vague bonus metrics for non-financial performance.
Some European banks are moving on the idea. Barclays’ 2022 executive bonuses and 2022 to 2024 long-term incentive plan include climate and sustainability goals, which have a 10 per cent weighting.P Global has described the Barclays targets – including “progress towards our green financing commitments” and a net zero bank by 2050 – as being vague.
“This is coming, and it will be helpful,” said Guy Williams, executive director at Pollination. “Shareholders will be interested in having metrics that show organisations are contributing toward carbon or nature-positive financing, and linking that to rem.” “For an LTI [for climate] you need to have something that is a simple, single measure that is credible, both to your people and to your investors, and is typically one that can be externally verified,” Mr Chronican said on the sidelines of the Governance Institute event last week, where heSome middle-manager incentive payments at NAB are already linked to things like pushing high-emitting customers towards greener energy sources.
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