June 29 (Reuters) - Commonwealth Bank of Australia CBA.AX said on Friday it would slash more than A$60 million ($44.33 million) in senior executive pay as part of its response to an inquiry by the Australian banking regulator.
The Australian Prudential (LON:PRU) Regulation Authority (APRA) had endorsed the bank's remedial plan, which it had made in response to the APRA's independent report earlier this year, CBA said in a statement.
The bank said it would publicly report on its progress against the remedial action plan, which would be reviewed by independent reviewer Promontory Financial Group. ($1 = 1.3534 Australian dollars)