ANZ CEO Shayne Elliott Forfeits $3.2 Million Bonus

Shayne Elliott, CEO of ANZ Group, has decided to forfeit his long-term performance bonus of A$3.2 million following significant shareholder backlash at the bank's annual general meeting. Despite receiving narrow majority support for the bonus, nearly 40% of shareholders voted against the executive pay scheme, marking the bank's first AGM strike in six years due to concerns over perceived mismanagement and reputational issues. ANZ Chairman Paul O'Sullivan acknowledged the investor revolt and stated that the board respects shareholder feedback, highlighting the challenges the bank faced regarding non-financial risks. The decision to withdraw the bonus resolution was made to minimize the impact on the bank and reflect shareholder opinions. Elliott will be replaced by former HSBC executive Nuno Matos as the bank seeks to improve its reputation amid ongoing regulatory investigations into bond-trading irregularities. The event underscores the increasing importance of corporate governance and shareholder sentiment in executive compensation decisions.