ANZ suffers first AGM strike since Royal Commission
Shareholders have delivered ANZ a major blow over its corporate governance with a strike against the bank's remuneration report and sizeable hits to executive remuneration.
There was an air of nervous anticipation on Friday as ANZ shareholders gathered at the Exhibition Centre in Melbourne, just across from the big four bank's headquarters in Docklands for its annual general meeting.
But after warnings earlier in the week about possible protests prompted the bank to tighten security there were none of the theatrics of last year when clowns and other street performers protesting the lender's approach to climate change disrupted proceedings.
Still, the event was still explosive in a figurative sense as shareholders hit ANZ's board with its first strike since the Royal Commission into banking and superannuation six years ago with retiring CEO Shayne Elliott electing to forego his bonuses.
The strike was driven by shareholder concerns around ANZ’s governance, particularly relating to its bond trading scandal and a new capital penalty from the prudential regulator.
