Commonwealth Bank of Australia chief executive Ralph Norris's pay package dropped by 47 per cent in the last financial year to A$8.64 million.

Norris received remuneration worth A$16.2 million in the 2009/10 financial year, but a significant change in the value of long-term incentives reduced the value of his remuneration in 2010/11, CBA's annual report shows.

Norris, who will retire in November, was paid A$4.76 million in cash over the year, comprising a base pay of $3.12 million and A$1.64 million in short-term incentives.

Further pay included A$1.82 million worth of shares and rights paid as long-term incentives, which were down from $9.19 million in value in the previous year.


The reason for the difference in value of long-term incentives was the bank's better than expected financial performance in 2009/10 but lower than expected customer satisfaction performance in 2010/11.

CBA's net profit rose 20 per cent to A$5.66 billion in 2009/10.

In the year to June 30 just passed, CBA delivered a 13 per cent rise in net profit to A$6.4 billion while cash profit was $6.835 billion.

The bank said 59 per cent of Norris' pay was related to performance.

The next highest paid CBA executive in the 2010/11 year was chief risk officer Alden Toevs, with remuneration worth A$4.36 million.

Incoming chief executive Ian Narev, who is currently executive of business and private banking, received remuneration worth A$2.68 million.