NAB CEO paid $8.5m

National Australia Bank chief executive John Stewart took home more than $8 million in fiscal 2008, a slight decline from the previous 12 months, although the bank's share price dropped by 39 per cent over the same period.

NAB released its annual report for its fiscal 2008 year today, a day when its share price tanked to an 11-year low - falling 4.3 per cent, or 86 cents to $18.93.

The report showed Mr Stewart received a cash salary of $2.73 million, short-term incentive cash payments of $1.5 million, options valued at $3.6 million, shares worth $429,359 and non-monetary fixed compensation worth $190,480.

Mr Stewart's total remuneration declined three per cent from $8.8 million in 2007 to $8.5 miilion this financial year, while NAB shares dropped 39 per cent during the 12 months to September 30.

From the peak of the sharemarket boom NAB's share price has fallen 56 per cent, from $43.10 in late October 2007.

NAB's chief of Australian operations, Ahmed Fahour, took home total remuneration of $7.3 million to September 30, 2008, including a cash salary of $1.7 million, short-term incentive cash payments of $1.9 million and options worth $1.498 million.

Mr Fahour's remuneration jumped seven per cent from his fiscal 2007 compensation of $6.8 million.