ANZ chief Shayne Elliott to forgo $3m bonus after investor revolt

The Sydney Morning Herald12-19

Outgoing ANZ chief executive Shayne Elliott will forgo $3.2 million in bonuses following a major investor backlash against the bank at its annual general meeting on Thursday.Nearly 40 per cent of the ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2492166482?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-19 08:13","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2492166482","market":"us","top_or_hot":-1,"title":"ANZ chief Shayne Elliott to forgo $3m bonus after investor revolt","media":"The Sydney Morning Herald","content":"<div>\n<p>Outgoing ANZ chief executive Shayne Elliott will forgo $3.2 million in bonuses following a major investor backlash against the bank at its annual general meeting on Thursday.Nearly 40 per cent of the ...</p>\n\n<a href=\"https://www.smh.com.au/business/companies/anz-chief-shayne-elliott-to-forego-3m-bonus-after-investor-revolt-20241219-p5kzlf.html\">Source Link</a>\n\n</div>\n","source":"smh_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ANZ chief Shayne Elliott to forgo $3m bonus after investor revolt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nANZ chief Shayne Elliott to forgo $3m bonus after investor revolt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-19 08:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.smh.com.au/business/companies/anz-chief-shayne-elliott-to-forego-3m-bonus-after-investor-revolt-20241219-p5kzlf.html><strong>The Sydney Morning Herald</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Outgoing ANZ chief executive Shayne Elliott will forgo $3.2 million in bonuses following a major investor backlash against the bank at its annual general meeting on Thursday.Nearly 40 per cent of the ...</p>\n\n<a href=\"https://www.smh.com.au/business/companies/anz-chief-shayne-elliott-to-forego-3m-bonus-after-investor-revolt-20241219-p5kzlf.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4533","symbol_name":"AQR资本管理(全球第二大对冲基金)","start_time":0,"source_url":"https://www.smh.com.au/business/companies/anz-chief-shayne-elliott-to-forego-3m-bonus-after-investor-revolt-20241219-p5kzlf.html","article_id":"2492166482","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492166482","pubTimestamp":1734567180,"columns":[],"sourceInfo":{"source_id":"smh_stock","name":"Sydney Morning Herald"},"weMediaInfo":null,"summary":"Outgoing ANZ chief executive Shayne Elliott will forgo $3.2 million in bonuses following a major investor backlash against the bank at its annual general meeting on Thursday.Nearly 40 per cent of the ","collect":0,"end_time":0,"defaultTopTitle":"smh.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BK4588":"碎股","BK4512":"苹果概念","MMM":"3M","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","BK4206":"工业集团企业","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC"},"translate_title":"澳新银行行长谢恩·埃利奥特(Shayne Elliott)在投资者反抗后放弃300万美元奖金","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMM":1},"content_text":"Outgoing ANZ chief executive Shayne Elliott will forgo $3.2 million in bonuses following a major investor backlash against the bank at its annual general meeting on Thursday.Nearly 40 per cent of the company’s investors voted against the bank’s executive pay scheme, giving Australia’s fourth-biggest lender its first AGM strike in six years as shareholders protested perceived mismanagement and reputational issues.ANZ chief executive Shayne Elliott will go without his bonuses.Credit: Arsineh HouspianANZ chairman Paul O’Sullivan acknowledged the investor revolt, saying the company’s board was “deeply respectful” of the feedback it had received, and admitting the bank’s year had been difficult.“As many shareholders are aware, our financial performance was overshadowed by issues related to our management of non-financial risks,” O’Sullivan said. “This made it difficult to judge our performance.”In August, banking regulator APRA raised concerns over the bank’s culture, demanding it hold an extra $250 million in capital following ANZ’s bond trading scandal in which the bank allegedly overstated the value of government bonds it traded by more than $50 billion.ANZ has also been under shareholder pressure over the delayed rollout of its new Plus banking platform, which critics believe is lagging its rivals’ offerings.‘In recognition of shareholders views, and to limit the impact on the bank, Shayne has decided to forfeit this year’s long-term variable remuneration.’ANZ chairman Paul O’SullivanAcknowledging this criticism, O’Sullivan said Elliott would forgo $3.2 million in bonuses that shareholders had voted strongly against at the meeting. Just shy of 50 per cent of investors rejected a resolution about his long-term pay package.“In recognition of shareholders’ views and to limit the impact on the bank, Shayne has decided to forfeit this year’s long-term variable remuneration,” O’Sullivan said.A vote of more than 25 per cent against a company’s remuneration report is known as a “first strike”, with a subsequent strike giving investors a chance to vote to spill the board and re-elect the company’s directors.LoadingANZ also faced a sizable protest vote against its climate change policies. A shareholder-submitted resolution to force the bank to ensure fossil fuel companies it lends to have a Paris Agreement-aligned transition plan received support from 27 per cent of investors.The board did not support the resolution, though O’Sullivan noted the interest from many shareholders regarding the bank’s actions over climate change. However, the chairman did not indicate the bank would change its climate policies.Elliott will be replaced as chief executive by the former HSBC executive Nuno Matos, viewed largely as a “clean slate” option. He will begin in the new role on July 3.“I know shareholders may be concerned an international appointment of this nature may be a signal we are looking to change course, but I can assure you the board and the incoming CEO are aligned,” O’Sullivan said.More to comeThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492166482"}