NAB chief Cameron Clyne takes $1m pay cut A better year for NAB: Cameron Clyne. National Australia Bank chief executive Cameron Clyne's statutory pay was cut by $1 million to $7.7 million after the bank fell short of key performance targets in 2012. The bank's annual report, published on Monday, shows the value of bonus payments to Mr Clyne fell during the year to September as a result of the bank's weaker performance a year earlier. While Mr Clyne's cash salary rose by $265,000 to $2.6 million, he received less in cash and share-based bonuses. The pay cut, which had been flagged by Mr Clyne, comes after investors issued NAB a stinging rebuke at its annual general meeting last December, with 21 per cent of shareholders voting against the remuneration report after a sharp fall in profits. The protest vote meant the bank narrowly avoided a first "strike" over remuneration, which could have brought the board a step closer to facing a board spill. NAB's performance improved in 2013 with profits rising 9 per cent to $5.9 billion, but a spokeswoman said the weaker results from 2012 had contributed to the lower bonus payments this year. In NAB's annual review, also published today, Mr Clyne appeared confident about further profit growth, after the bank embarked on a cost-cutting program and revamp of its technology systems this year. He said NAB was ""well positioned to achieve success"" in 2014. ""We have started to see signs of improvement in our operating environment this year, and the changes we have made put us in a better position than our competitors to take advantage of those opportunities,"" he wrote. ""I am looking forward to continuing to see the benefits for our customers, shareholders and employees."" With big Australian banks notching up profits of more than $27 billion this year, Mr Clyne and the bosses of rival banks are among the highest paid executives in the country. ANZ spent the most paying its boss Mike Smith, whose remuneration rose to $10.4 million. Westpac's Gail Kelly received $9.2 million and CommBank boss Ian Narev received $7.8 million. The cut in Mr Clyne's pay is based on statutory remuneration - an accounting measure of pay that includes expected earnings from prior, current and future years. All Australian listed companies are required to disclose executive pay packets in this format. While statutory pay is a consistent measure that allows comparisons between companies, the bank also published separate data showing the actual value of remuneration Mr Clyne received in 2013 rose by $600,000 to $8.9 million. Actual pay includes share bonuses that vested during the year.