Paul O’Sullivan, Chairman of ANZ, addressed shareholders at the bank's 2022 Annual General Meeting. He began by acknowledging the Kaurna people as traditional custodians of the land and expressed his respect for Aboriginal and Torres Strait Islander peoples.
Reflecting on ANZ's history in Adelaide, O'Sullivan noted the bank's first branch opened in Glenelg in 1837. He emphasized ANZ's commitment to supporting communities, especially during crises like recent floods across Australia.
O'Sullivan reviewed ANZ's performance amid global uncertainties such as inflation and geopolitical tensions. Despite challenges, he reported a profit increase to $7.12 billion and declared a fully franked final dividend of 74 cents per share.
Discussing future strategies, O’Sullivan highlighted digitization efforts through ANZ Plus and the acquisition of Suncorp Bank. The acquisition aligns with ANZ’s goal to expand its retail and commercial presence in Australia.
A proposed Non-Operating Holding Company structure was also mentioned, intended to enhance operations while maintaining regulatory standards.
O'Sullivan addressed resolutions on executive remuneration and climate change lending policies. He stated that management performed well financially but maintained accountability where expectations were unmet.
On climate change, O'Sullivan reiterated ANZ’s commitment to net-zero emissions by 2050. "We are determined to be the leading bank in supporting these economies," he said. However, he opposed withdrawing financing from companies with fossil fuel exposure without transition plans.
Regarding scams and security, O'Sullivan detailed measures like artificial intelligence technology implemented to protect customers from fraud.
Concluding his address, O’Sullivan acknowledged retiring board member Graeme Liebelt for his contributions over nine years and welcomed Jeff Smith as a new board member.
The meeting proceeded with CEO Shayne Elliott addressing shareholders next.