Published 13 days ago • loading... • Updated 12 days ago

ANZ CEO Scraps Bonus as Shareholder Backlash Triggers Second 'Strike' on Pay Report

On Thursday, ANZ's annual general meeting delivered its second shareholder 'strike' with 32.3% voting against the remuneration report, exceeding the 25% threshold for a board spill.
Following a year of fines and redundancies, shareholder backlash grew after ASIC imposed a $240 million penalty and ANZ cut 3500 jobs, causing a 14 per cent fall in cash profits to $5.8 billion.
Major proxy advisers ISS and CGI Glass Lewis recommended clients vote against the remuneration report, and Nuno Matos, chief executive, acknowledged failings and withheld short-term bonuses for Australia-based executives.
Resolutions to spill the board failed with just 1.45 per cent support, while ANZ moved to claw back $13.5 million from former chief executive Shayne Elliott, who last week took legal action and chairman Paul O'Sullivan said the bank will defend its position.
ANZ's leadership faced intensified pressure from shareholders pressing for stronger climate disclosure and accountability, as Nuno Matos and Paul O'Sullivan confronted questions on climate commitments, ASIC penalties and sackings, with Matos pledging the board 'can — and will — make future adjustments' and refocus on customers.

Insights by Ground AI

13 Articles

STRIKE TWO!: ANZ says more cuts option after failures

ANZ chairman Paul O’Sullivan says the bank’s board maintains the option to reduce bonuses further for executives amid growing discontent over accountability for past failings.

12 days ago·Australia

Read Full Article

Sydney Morning Herald

+3 Reposted by 3 other sources

Lean Left

ANZ won’t hesitate to wrest more bonuses from executives, says chair

Paul O’Sullivan told shareholders ANZ would continue to make decisions regarding unvested equity for its former executives “where appropriate”.

12 days ago·Sydney, Australia

Read Full Article

Reuters

+3 Reposted by 3 other sources

Center

ANZ CEO scraps bonus as shareholder backlash triggers second 'strike' on pay report

13 days ago·United Kingdom

Read Full Article

Bloomberg

Lean Left

ANZ Holders to Vote Down Executive Pay Plan After Failures

13 days ago·United States

Read Full Article

Australian Financial Review

Lean Right

ANZ set for second strike as investors demand more accountability

Another black mark against the bank’s remuneration report will see it join major rival Westpac in having raised the ire of investors for two years running.

13 days ago·Sydney, Australia

Read Full Article

themarketonline.com.au

ANZ bigwigs attempt to navigate second shareholders 'strike' over pay report

ANZ Group (ASX:ANZ) is closing out CY25 with one last voting scrap among its shareholders, with a vast chunk rallying against adopting a new executive remuneration report before today’s annual general meeting. Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more. As many as 32.36% voters took a “no” stance against the ANZ pay report through proxy …

12 days ago

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year