Good morning and welcome to the 2021 Annual General Meeting of ANZ shareholders. As a quorum is present, the meeting is officially open.
Paul O’Sullivan, Chairman of ANZ, welcomed attendees from the Melbourne head office, joined by CEO Shayne Elliott. The meeting was held virtually due to COVID-19 restrictions.
O’Sullivan acknowledged the Wurundjeri people as Traditional Custodians of the land and extended respect to Aboriginal and Torres Strait Islander attendees. He expressed hope for an in-person meeting in Adelaide next year.
The Chairman opened voting on items 2 to 5 and invited shareholders to submit questions before formal business discussions began.
Reviewing financial year 2021, O’Sullivan noted challenges from COVID-19 but highlighted optimism due to high vaccination rates and economic resilience in Australia and New Zealand. However, issues like tourism struggles, inflation pressures, unemployment rise, and staffing shortages were acknowledged.
ANZ supported customers with loan deferrals during lockdowns and maintained strong employee engagement across its network. Financially, ANZ posted a statutory profit of $6.16 billion, up 72% from last year due mainly to credit provision reversals. A total dividend of 142 cents was paid out compared to 60 cents previously.
The bank focused on capital management with an APRA Common Equity Tier One capital ratio of 12.3%. No new shares were issued for additional capital needs. Shareholder returns improved without diluting existing shares.
O’Sullivan addressed cost management efforts amid industry margin pressures and emphasized improvements needed in home loan processing after losing market share due to demand surges.
ANZ aimed for cultural strength despite remote work environments by enhancing digital capabilities with new hires from tech giants like Apple and Amazon. Gender diversity also improved within leadership roles.
On resolutions, O’Sullivan mentioned remuneration report adoption discussions led by Ilana Atlas of the Human Resources Committee. Climate change commitments included working with clients toward net-zero emissions by 2050 through sustainable financing targets.
ANZ set emission reduction targets for power generation (50% by 2030) and commercial buildings (60% by 2030). The bank will expand these pathways next year but faced differing opinions on its pace regarding fossil fuel lending policies.
Finally, O’Sullivan thanked outgoing director Paula Dwyer for her nine years on the board while welcoming Christine O’Reilly as a candidate for election as Audit Committee Chair.
The Chairman concluded by acknowledging employees' dedication throughout challenging times before handing over proceedings to CEO Shayne Elliott.