Shayne Elliott, the outgoing CEO of ANZ, has chosen to relinquish his long-term variable remuneration (LTVR) for 2025, a decision influenced by shareholder opposition ahead of the bank’s annual general meeting. Proxy votes revealed that nearly half of ANZ shareholders—49.23%—rejected the proposal to award Elliott restricted and performance rights, signaling substantial resistance to the bank’s remuneration strategies.
The forfeited remuneration, valued at $3.2 million, would have represented 128.25% of Elliott’s fixed salary and been distributed as 47% restricted rights and 53% performance rights. ANZ stated that the CEO’s decision aimed to address shareholder concerns and reduce potential disruptions to the bank.
This development comes amid predictions of a “first strike” against ANZ’s broader remuneration report, as 38.28% of proxy votes registered opposition before the meeting. The AGM agenda is set to include discussions on Elliott’s successor, former HSBC executive Nuno Matos, who will assume leadership in July following Elliott’s nine-year tenure. Shareholders are also expected to scrutinize the bank’s recent controversies, including its bond market scandal and an unsuccessful joint venture with French payments firm Worldline.
Market reactions to the announcement were swift. ANZ shares fell 2.3% to $28.70 during morning trading on the ASX, despite having gained more than 12% over the past year. The broader financial sector also saw declines, with major banks such as Commonwealth Bank (-2.2%), National Australia Bank (-2.1%), Macquarie Group (-2%), and Westpac (-1.9%) all trading lower. The ASX financial index dropped 2%, contributing to a 1.8% decline in the wider ASX 200 index.
Elliott’s departure marks a pivotal moment for ANZ, with leadership transitions, shareholder dissent, and market pressures converging to shape the bank’s immediate future.
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