ANZ has disclosed the direct and proxy votes received for each resolution ahead of its Annual General Meeting. A significant development at the meeting was the withdrawal of Item 4, which sought shareholder approval for granting restricted rights and performance rights to CEO Shayne Elliott.
ANZ Chairman Paul O’Sullivan commented on the situation: “We received majority support from shareholders to grant our CEO his long-term variable remuneration, however a substantial proportion of shareholders voted against the resolution."
Mr. O'Sullivan further explained, “In recognition of shareholder views, to limit the impact on the Bank and to allow it to move forward, Shayne has decided to forfeit this year’s long-term variable remuneration.”
The proxy summary is detailed in Attachment One.