The combination of the Commonwealth Bank's battered reputation and the government's Banking Executive Accountability Regime will force the nation's largest bank to continue to pay big salaries to senior executives because they will now be subjected to more public scrutiny, according to chairman Catherine Livingstone.

In her first annual meeting as CBA chairman – and the last for chief executive Ian Narev, whose departure by mid-next year was announced in the wake of the damaging AUSTRAC money laundering allegations – Ms Livingstone said the board recognised shareholder and community concerns that bankers are paid too much, but levels are set to attract executives "of the highest calibre".