ANZ Faces Investor Revolt Over Scandals and Leadership Decisions

Outgoing CEO Shayne Elliott forfeits $3.2 million bonus as shareholders express dissatisfaction with the bank's governance and risk management.

ANZ Bank's annual general meeting highlighted widespread shareholder dissatisfaction, driven by a bond-trading scandal and concerns over governance and risk culture.
Outgoing CEO Shayne Elliott voluntarily forfeited his $3.2 million long-term bonus after nearly 40% of shareholders opposed the executive pay scheme.
The bank received its first 'strike' on its remuneration report since 2018, with 39% of shareholders voting against it, reflecting broader frustration over management decisions.
Regulators have intensified scrutiny of ANZ, including a $250 million increase in its capital requirements due to cultural and risk management concerns tied to the bond-trading controversy.
Nuno Matos, a former HSBC executive, has been appointed as the new CEO, tasked with rebuilding ANZ's reputation after a challenging year for the bank.