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ANZ Group (ASX:ANZ) is closing out CY25 with one last voting scrap among its shareholders, with a vast chunk rallying against adopting a new executive remuneration report before today’s annual general meeting.
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As many as 32.36% voters took a “no” stance against the ANZ pay report through proxy votes, easily clearing the 25% needed to beat the resolution.
This is the second time in as many years that a meaningful group of ANZ shareholders have turned down the Big 4 bank’s tabled pay plan. Two “strikes” in a row mean investors may now call a vote to clear the entire board.
That may well be the plan for the victorious voting bloc, considering much of the issue has been around how ANZ’s leadership dealt with several “embarrassing” cultural and governance failings throughout this calendar year.
(Update: For the time being, the board stays. A vote cast just before the December general meeting started at 9am saw 97.73% vote against spilling the board.)
One of the biggest of these was a record $240 million fine ANZ had to deal with after engaging in “unconscionable conduct” in bond trading, as well as “widespread misconduct” that impacted nearly 65,000 retail customers.
The Big 4 bank is also being sued by its old chief, Shayne Elliott, who was among several executives stripped of millions in pay after CY25’s failings.
“It is worth noting while a significant minority of shareholders have voted against the report, including many who told us we didn’t go far enough, we are currently facing litigation on this,” said ANZ chair Paul O’Sullivan today.
In the same address, O’Sullivan spoke out against the investor backlash: “The board’s response this year has been appropriate and proportionate. I would also point out that outcomes regarding unvested equity for some of our former executives have been and will be made as these decisions fall due.”
“I want to be really clear, the board can – and will – make future adjustments where appropriate,” the ANZ boss declared. “This methodical assessment over an extended period is consistent with the intent of the law, in terms of regulation, following the Royal Commission, ensuring accountability.”
Though very slight, ANZ shares are down today, to $36.10/ea.
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