ANZ to vigorously defend ex-CEO's pay claim

ANZ has confirmed that former chief executive Shayne Elliott has commenced legal action in the NSW Supreme Court concerning his remuneration outcomes for the 2025 financial year. The bank emphasized its adherence to Prudential Standard CPS 511, which mandates designing remuneration to encourage prudent risk management and link executive pay to performance and risk.

The ANZ Board determined that no Australian-based Group Executive, excluding those in acting roles, would receive short-term variable remuneration for the year. Additionally, some of Mr. Elliott's long-term variable remuneration due to vest in 2025 and 2026 was adjusted downwards to zero.

ANZ chairman Paul O'Sullivan stated that the Board's assessment of remuneration outcomes was "considered and very deliberate," and the bank is confident in its position, vowing to "defend this matter vigorously."