ANZ Group CEO Remuneration Update

(Reuters) – ANZ Group's CEO Shayne Elliott will not receive the 2024 long-term variable remuneration following significant shareholder opposition at Thursday's annual general meeting.

ANZ Chairman Paul O'Sullivan stated, "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."

The proposal for Elliott to receive restricted and performance rights was withdrawn from the shareholder vote. Advance voting details were also provided by ANZ.

Shayne Elliott is set to be replaced by former HSBC executive Nuno Matos as part of efforts to restore the firm’s damaged reputation, which has been affected by a bond trading scandal that has drawn regulatory scrutiny.

Voting results revealed that 38.28% of shareholders opposed Elliott’s remuneration package, influenced by recommendations from two major proxy firms and a local superannuation fund.