3 months ago
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Former ANZ boss Shayne Elliott has lodged legal action against the bank after it denied him $13.5 million in bonuses as a result of the bank’s regulatory woes.
Elliott lodged the claim in the Supreme Court of NSW, The Australian first reported on Friday.
Former ANZ chief executive Shayne Elliott was replaced by Nuno Matos in May.Credit: Flavio Brancaleone
ANZ’s annual report, published in November, said neither Elliott nor his successor, Nuno Matos, had received a short-term bonus for the 2025 year, and the bank had also cancelled incentives that Elliott had been due to receive.
The ANZ board took the action, and also decided to pay no short-term bonuses to its top Australian-based executives, after ANZ earlier this year agreed to a $240 million penalty to settle four separate legal cases from the corporate watchdog. In doing so, it admitted to unconscionable conduct on a major government bond deal, incorrect reporting of trading data, and misconduct affecting nearly 65,000 customers.
ANZ confirmed the action had been commenced, and said it was required to design pay arrangements in a way that encouraged prudent risk management, and linked pay to performance and risk outcomes. The bank said it also had to consider these outcomes when making decisions on releasing unvested shares to executives.
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ANZ chairman Paul O’Sullivan said: “The Board has been considered and very deliberate in its assessment of remuneration outcomes. We are confident in our position and we will defend this matter vigorously.”
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