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ANZ Group has announced that its newly appointed chief executive officer will forgo his short-term bonus this year following a strong shareholder backlash against the bank’s executive remuneration. The decision comes after a significant minority of investors voted against ANZ’s executive pay report at the lender’s 2025 annual general meeting, raising fresh governance concerns for Australia’s fourth-largest bank.
According to proxy voting results released on Thursday, 32.36% of shareholders voted against the remuneration report. This figure exceeded the critical 25% threshold required to block the resolution, delivering ANZ a second consecutive “strike” on executive pay after a similar outcome last year. Under Australian corporate governance rules, a second strike can trigger a spill vote, giving shareholders the opportunity to vote on whether the entire ANZ board should stand for re-election.
ANZ Chairman Paul O’Sullivan told shareholders that CEO Nuno Matos had voluntarily proposed to forgo his short-term variable remuneration for the year, despite the fact that many of the issues driving shareholder dissatisfaction occurred before his tenure began. O’Sullivan acknowledged that while a significant minority opposed the remuneration report, some investors believed the bank did not go far enough in reducing executive pay, particularly in light of recent compliance and governance failures.
The chairman also noted that ANZ is currently facing litigation related to remuneration and governance matters, adding another layer of complexity to the bank’s challenges. Earlier this month, leading proxy advisory firms CGI Glass Lewis and Institutional Shareholder Services had urged investors to vote against the pay report, arguing that executive pay reductions were insufficient given ANZ’s history of regulatory breaches and scandals.
Market strategist Jessica Amir from trading platform moomoo said further consequences could still emerge for ANZ’s board, citing the bank’s ongoing compliance issues. However, she added that due to ANZ’s dominant position in the Australian mortgage market and its weight in major share market indices, investors may ultimately see the bank’s share price recover over time.
ANZ shares were volatile in early trading but later stabilised, rising 0.1% to A$36.13, reflecting cautious market sentiment amid heightened scrutiny of executive pay and board accountability.
