At ANZ’s annual general meeting, director Holly Kramer announced a significant 46 percent reduction—equating to $1.5 million—in CEO Shayne Elliott’s compensation compared to last year. Despite this cut, it became evident that shareholder support for the remuneration package was lacking, prompting Mr. Elliott to offer to forfeit the grant.
Chairman Paul O’Sullivan praised Mr. Elliott’s decision, emphasizing that while he was not directly implicated in the recent misconduct within the trading room, he still bore responsibility as the chief executive under the principle of “Westminster accountability.”
Elliott’s potential long-term variable remuneration for the year could have reached a maximum of $3.2 million, on top of a base salary of $2.5 million and up to $4.7 million in short-term bonuses. During his final address as CEO, he acknowledged that while some allegations of misconduct in ANZ’s Sydney trading room remained unsubstantiated, there were instances of alcohol use, leading to job losses.
O’Sullivan noted the situation involved a small group of employees, clarifying the board’s stance. However, preliminary voting results indicated that ANZ’s board might face a “first strike,” with about 38 percent of shareholders opposing the remuneration report. While this vote is advisory, a repeat of such dissent next year could trigger a board spill.
Additionally, a resolution aiming to amend ANZ’s constitution to address climate change issues garnered only 7.1 percent support, with 91.9 percent voting against it. Consequently, the climate change resolution was not officially considered during the meeting, receiving 27.2 percent of votes, while 71.8 percent opposed it.
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