Gary Lennon, the chief financial officer will act as CEO while Mr Thorburn is on leave.
Before he heads on vacation, Mr Thorburn will front shareholders at the bank’s annual general meeting to be held in Melbourne this Wednesday.
Those shareholders are expected to deliver the biggest ever “strike” against a remuneration report with some insiders predicting 80 per cent of votes could be cast against the proposal.
Last week, shareholders cast a 64.2 per cent vote against Westpac’s remuneration report, the biggest ‘strike’ ever for a so-called blue chip corporation.
The pay report rejections come at the end of a disastrous year for the banking sector after the Hayne royal commission exposed a litany of bad practises.
National Australia Bank was at the centre of the hearings which exposed issues with its mortgage ‘introducer’ program, its superannuation business and its wealth management arm.
Mr Thorburn fronted the commission last month and was asked explain why the bank took three years to resolve a ‘fee for no service’ issue and whether the actions of bank executives was “unethical.”
“I think it ended up being too technical and too legal. But the way I think of ethics, I don’t think this was unethical”.
The Hayne royal commission will hand down its final report in late January, which is expected to have major ramifications for the banking industry and the regulatory environment.
Mr Thorburn, a dual Australian and New Zealand citizen was announced as the NAB CEO in April 2014 and has been at the bank since 2005.
He is 52 years of age and has three children, all in their twenties.
Mr Thorburn has also had to deal with a procurement scandal in which his former chief of staff formed part of a police investigation.
from A Viral Update https://ift.tt/2QDtZB9
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