The annual general meeting of ANZ Bank was marked by shareholder anger over a range of issues, including a bond-trading scandal, allegations of charging dead people's accounts, and the controversial long-term bonus package of outgoing CEO Shayne Elliott. Shareholders voted down Elliott's bonus and the bank's regular remuneration report, reflecting widespread dissatisfaction with the bank's leadership and governance.
A bond-trading scandal, a culture crisis, environmental remonstration, human rights concerns related to the funding of arms maker Lockheed Martin and a mob of protesters outside. Welcome to ANZ Bank’s annual general meeting, where there’s plenty of angst to spare both outside and inside the building.
As one frustrated and confused shareholder put it: “In heaven’s name, can someone tell us what the hell is going on?” ANZ is drowning in a sea of issues that even includes that old chestnut of allegations that it charged the accounts of dead people – a problem that everyone thought had been relegated to the annals of history after the banking royal commission seven years ago.The large shareholders with voting heft, and their proxy advisers, had already made their dissatisfaction clear to the board, giving it a fair idea of just how unpopular outgoing chief executive Shayne Elliott’s long-term bonus package was. On Thursday morning, ANZ said Elliott’s long-term remuneration package had the support to pass muster, but only just. The resolution needed 50 per cent approval to pass – it received 50.08 per cent.In the end, Elliott decided to forfeit the performance rights worth about $3 million. ANZ may see it as a gesture of good faith but $3 million isn’t enough to offset the damage suffered by the bank over the past six months that has left shareholders fuming. The horror annual meeting caps off an ignominious end to Elliott’s nine years as chief executive and is a damning reflection on the board, which should arguably have never even put the bonus question before shareholders. The reconciliatory tone on Thursday was not a picture of Elliott leaving on a high but rather a portrait of a board coerced into waving a white flag on its governance.In a comprehensive protest against the bank, shareholders also voted down its regular remuneration report, which needed 75 per cent in favour to make it across the lin
ANZ Bank AGM Shayne Elliott Bonus Scandal Shareholders Governance
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