Former CEO Shayne Elliott sues ANZ for stripping $13.5m bonus
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The news: Former ANZ chief executive Shayne Elliott has commenced legal action against the bank after it chose to scrap $13.5 million worth of bonuses due to him.
Elliott commenced legal action in the New South Wales Supreme Court on Thursday against his former employer relating to its decision to slash his short-term and long-term incentives.
The ANZ board scrapped more than $30 million of incentives owed to a number of executives, including Elliott, in a concerted accountability push following the bank's record $240 million settlement with ASIC for widespread misconduct.
In a statement to the market, ANZ said its board had obligations under the APRA framework to design remuneration to encourage "prudent risk management" and link "executive pay to performance and risk outcomes".
“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," ANZ chair Paul O'Sullivan said.
The source: ASX
