CBA has faced its shareholders at its AGM this week.

Commonwealth Bank chair Catherine Livingstone opened the meeting by apologising for the bank's “reputation damage” over alleged breaches of anti-money laundering laws.

“It is clear that the bank was deficient in aspects of its compliance with AUSTRAC's regulations,” she said.

“And it is equally clear that this has damaged our reputation with customers, shareholders, regulators and government.

“As chairman, and on behalf of the board, I apologise sincerely for this deficiency and its consequence.”

The seven-person board managed to avoid a spill, which would have been triggered if 25 per cent or more of shareholders in attendance voted for a “second strike” against CBA's executive remuneration report.

“If we had a spill, individual directors would form the view that they would not stand, and certainly I would not have stood for re-election,” Ms Livingstone said.

Almost 51 per cent of shareholders delivered the first strike by voting against the bank's executive remuneration proposals at last year’s AGM.

CommBank’s CEO Ian Narev will retire by July next year, so the ban is searching for a replacement.

“A global search for Ian's replacement is well advanced,” Ms Livingstone said.

“We're considering internal candidates and external candidates from Australia and offshore.”