ANZ’s outgoing CEO to forfeit 2024 long-term variable remuneration

(Reuters) – ANZ Group’s CEO Shayne Elliott will not be taking the 2024 long-term variable remuneration after a large proportion of shareholders voted against the resolution at the annual general meeting on Thursday. 

ANZ Chairman Paul O’Sullivan said: “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The resolution proposing to provide Elliott with restricted and performance rights was withdrawn for shareholder voting at the annual general meeting, ANZ said, alongside providing advance voting details.

Shayne Elliott is being replaced by former HSBC executive Nuno Matos in a bid to revive the firm’s battered reputation as it grapples with the fallout from a bond trading scandal that triggered regulatory investigations.

The voting results also show that 38.28% of shareholders voted against the outgoing executive chief’s remuneration package amid calls by two influential proxy firms and a body representing local superannuation funds.