ANZ to defend legal action over former CEO's remuneration

ANZ has acknowledged legal action from former chief executive Shayne Elliott in the NSW Supreme Court regarding his remuneration for the 2025 financial year. The bank highlighted its obligation under APRA Prudential Standard CPS 511 to design remuneration that fosters prudent risk management and links executive pay to performance and risk.

The board's assessment for this year's remuneration determined that no Australian-based group executive would receive short-term variable remuneration, except for those in acting roles. Additionally, a portion of Mr. Elliott's long-term variable remuneration due to vest was adjusted downwards to zero for both 2025 and 2026.

ANZ chairman Paul O'Sullivan affirmed the board's considered and deliberate assessment of remuneration, expressing confidence in the bank's position and its intent to vigorously defend the matter.