At the 2025 Annual General Meeting of ANZ Group Holdings Limited, Chairman Paul O’Sullivan addressed shareholders and stakeholders, acknowledging the Gadigal people of the Eora nation as traditional custodians of the land. He also extended condolences to those affected by a recent tragic event in Sydney, stating, "Let me be clear antisemitism has no place in our society and as a community we must do all we can to stamp out all forms of hate, intolerance and division."
O’Sullivan confirmed that with a quorum present, the meeting was formally opened. Shareholders were informed that proxy summaries for all resolutions had been disclosed via the ASX ahead of the meeting. The chairman stated he would vote available undirected proxies in favor of resolutions in items 2, 3, and 4, and against items 5 through 9. Due to insufficient support for item 5 based on proxy instructions received before the meeting, resolutions in items 7, 8, and 9 would not be put forward.
Regarding executive remuneration, O’Sullivan noted: "As can be seen from the screen and after allowing for the votes available in the room, I can confirm that it is clear that more than 25% of votes to be cast on that item will be against the adoption of the Remuneration Report." He added that conditional item 6 would be put to a vote but was expected to be rejected.
The chairman highlighted leadership changes at ANZ over the past year. Nuno Matos joined as Chief Executive Officer in May following an international banking career including roles at HSBC and Santander. Four new executives—Stephen White (Chief Operations Officer), Pedro Rodeia (Group Executive Retail), Donald Patra (Group Chief Information Officer), and Christine Palmer (Group Chief Risk Officer)—were introduced alongside existing leaders such as Farhan Faruqui (CFO), Mark Whelan (Institutional Bank), Antonia Watson (CEO New Zealand), Clare Morgan (Business & Private Banking), and Elisa Clements (Talent and Culture).
O’Sullivan discussed ongoing efforts to improve non-financial risk management at ANZ. The board commissioned independent reviews into both its Non-Financial Risk Program and ANZ Plus rollout. Following gaps identified by APRA investigations into its Australian Markets business, ANZ agreed to undertake improvements across the organization under a program called PACT—People, Accountability, Customers and Trust.
He acknowledged a settlement reached with ASIC during the year which included a significant financial penalty impacting shareholders but described it as "the right decision for all our stakeholders." The review into ANZ Plus technology platforms resulted in changes to development processes under Matos’ leadership.
Financially, O’Sullivan reported a challenging year with statutory profit down by 10% due mainly to regulatory actions and restructuring costs. Adjusted cash profit stood at $6.9 billion. A final dividend per share of 83 cents franked at 70% would bring total dividends for the year to $1.66 per share.
Divisional performance showed strong results from New Zealand operations while Institutional Banking continued its transformation efforts. Suncorp Bank—acquired by ANZ in 2024—was said to deliver positive outcomes with expected synergies over coming years.
O’Sullivan recognized challenges faced by employees amid organizational restructuring resulting in job losses but emphasized support measures for those affected.
On governance matters, six out of nine current directors have joined since 2023. Alison Gerry was welcomed as a new director; Jeff Smith sought re-election.
Discussing executive pay policies amid shareholder concerns about remuneration: "In this year’s Remuneration Report, you will note none of our Australia-based Group Executives – excluding two in acting roles – received short-term variable remuneration." O’Sullivan commended CEO Matos’ decision not to accept short-term variable pay this year despite issues predating his tenure.
Addressing climate change resolutions on lending practices: "As we have made clear over many years, our commitment is to be a leading bank in supporting an effective and orderly transition for our business customers in line with the targets set by the Paris Agreement." He outlined expectations for customer alignment with Paris goals but opposed constitutional amendments related to deforestation standards due to data limitations.
In closing remarks O’Sullivan thanked employees across ANZ’s global operations along with customers and shareholders for their ongoing support before inviting CEO Nuno Matos to speak next.