ANZ has acknowledged that former Chief Executive Officer Shayne Elliott has initiated legal proceedings in the New South Wales Supreme Court concerning his remuneration for the 2025 financial year.
The bank explained that, in line with the Australian Prudential Regulation Authority’s Prudential Standard CPS 511, it is required to structure executive pay to promote prudent risk management and ensure a clear link between performance, risk outcomes, and remuneration. The Board must also review these factors when deciding whether to release unvested equity each year.
For this year’s assessment, ANZ’s Board decided that no Group Executive based in Australia would receive short-term variable remuneration, except those serving in acting roles. Additionally, the Board determined that some of Mr Elliott’s long-term variable remuneration scheduled to vest would be reduced to zero for both 2025 and 2026.
ANZ Chairman Paul O’Sullivan stated: “The Board has been considered and very deliberate in its assessment of remuneration outcomes. We are confident in our position and we will defend this matter vigorously.”