National Australia Bank (ASX:NAB) executives faced intense scrutiny at the company's annual general meeting over their handling of widespread employee underpayments
A former employee told the meeting she had been underpaid and repeatedly raised concerns.
"I was told the system was correct in 2018. When NAB acknowledged this issue, the bank chose to only back pay entitlements to 2012, citing the six-year statutory limit," she said.
Another shareholder urged the bank to take stronger action. NAB reported in its 2023 annual report that $155 million had been repaid to staff as part of a long-running payroll remediation process, which began after the bank identified problems in late 2019, with issues dating back to 2012.
CEO Andrew Irvine previously described the payroll errors as "disappointing and must be fixed" and said the bank is transitioning staff to a new human resources and payroll platform.
Philip Chronican has been re-elected as chairman of NAB for a fourth and final term, securing almost 98% of direct and proxy votes.
Chronican has served on the board for more than nine years, including six as chairman. Asked about the qualities he would seek in a successor, he said banking expertise is crucial, but being a lifelong banker is not "an absolute requirement."
The re-election vote was briefly disrupted by a shareholder questioning the bank's sustainability and environmental commitments, referencing CEO Andrew Irvine's recent testimony in parliament regarding the "vilification of gas" in Australia.
At the time of reporting, National Australia Bank's share price was $41.78.