QBE Insurance cuts CEO’s bonus

The 2016 bonus of QBE Insurance Group Ltd.’s executive John Neal has been slashed by 20% because he failed to disclose a relationship with his executive assistant, according to multiple news reports in Australia on Monday.

QBE’s annual report says John Neal’s short-term incentive for 2016 has been cut by 20%, to $1.6 million from $2 million. It says, “The Group CEO has had a commendable year and delivered a strong full year result for QBE. His performance is well regarded by the Board. 

“However, both parties agree some recent personal decisions by the CEO have been inconsistent with the Board’s expectations.”

Mr. Neal is separated from his wife, according to the news reports.

“We've only confirmed on the record that it relates to the timeliness of his disclosure of a personal relationship with a colleague,” a QBE spokesman said in an email. 

Mr. Neal earned total remuneration of $3 million in 2016, according to the annual report.