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Former ANZ Group CEO Shayne Elliott has launched legal action against the Australian banking giant, accusing it of breaching the terms of his departure contract after stripping him of bonuses valued at A$13.5 million. The dispute, which has escalated to the New South Wales Supreme Court, centers on Elliott’s remuneration outcomes for the 2025 financial year.
ANZ confirmed on Friday that it will vigorously defend the case, which relates to bonus and incentive reductions imposed on Elliott and several other senior executives. The cuts followed ANZ’s agreement to pay a A$240 million civil penalty to Australian regulators over systemic misconduct, including unconscionable conduct in a government bond transaction and the long-running issue of charging fees to deceased customers.
Elliott, who served as ANZ’s chief executive for nearly a decade until stepping down in May 2025, said the bank had entered into a “clear, unambiguous agreement” governing the terms of his exit. In a statement emailed to Reuters, he said he expected those contractual obligations to be honored. Elliott added that he had already offered to forgo his 2024 bonus and incentive payments, but would now seek a court declaration that ANZ breached its contract by withholding his 2025 entitlements.
The ANZ board has maintained that its decision was justified. Chairman Paul O’Sullivan said the board had been deliberate and considered in assessing remuneration outcomes and remained confident in its legal position. According to ANZ, awarding Elliott a zero bonus for 2025 was appropriate given the bank’s overall performance and his accountability as former CEO for non-financial risk failures.
The remuneration cuts extended beyond Elliott, with current and former executives collectively losing about A$32 million in bonuses, as detailed in ANZ’s annual report. Despite the reductions, a recent proxy advisory report indicated that Elliott still retains approximately A$7.9 million in long-term incentive payments.
The case adds to ongoing scrutiny of executive pay, corporate governance, and accountability in Australia’s banking sector, particularly in the wake of regulatory penalties and misconduct findings.
