ANZ trims ESG ranks as part of Matos' restructure

Good morning. Here's what happened overnight and what you need to know today.

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ESG cuts: ANZ's ESG team will be hit by job cuts, including the departure of its most senior climate executive, as CEO Nuno Matos’ restructure continues, Capital Brief confirmed. Gerard Brown, group general manager of climate will exit the bank in under two weeks. A 30-year veteran, Brown has been responsible for managing the bank’s top 100 emitting clients, focusing on disclosures, governance, reporting and tracking progress on targets. His role is being reshaped and may not be filled. The ESG function had expanded significantly over the past 12 to 18 months under former CEO Shayne Elliott. ANZ told Capital Brief it remains committed to its ESG and climate responsibilities, which include mandatory disclosures and expectations from major institutional investors. A spokesperson declined to comment on the cuts, which are not yet finalised or announced internally. Communications is also being restructured, with a small number of roles expected to go, two sources with direct knowledge said. ANZ’s BlueNotes content platform and all external communications will be moved into one team under media relations head Lachlan McNaughton. (Capital Brief)

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Pardon me: Israeli Prime Minister Benjamin Netanyahu asked President Isaac Herzog for a pardon in his ongoing corruption trial, saying the proceedings are interfering with his ability to govern. In a video released by his Likud party, Netanyahu said the trial “tears us apart from within” and claimed an immediate conclusion would help promote national reconciliation. He said he would prefer to prove his innocence in court but the national interest demanded otherwise, calling a requirement to testify three times a week “impossible”. Netanyahu was indicted in 2019 and has been on trial since 2020 for bribery, fraud and breach of trust in three separate but linked cases. He denies all wrongdoing. His pardon request follows a letter from Donald Trump urging Herzog to issue a pardon. Opposition figures said no pardon should be granted without an admission of guilt and resignation. Pardons in Israel are typically granted only after conviction. (Capital Brief)(AP)(Reuters)(NYT)

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Travel overcharge: The UK Home Office launched an urgent investigation into Australia’s Corporate Travel Management after it revealed it had wrongly recognised GBP77.6 million ($157 million) in revenue and the Home Office confirmed it had been overcharged GBP80 million under contracts to house asylum seekers. CTM has stood down its UK and Europe CEO Michael Healy and placed its shares in a trading halt since August, following the discovery of accounting flaws after a change of auditor from PwC to Deloitte. KPMG, hired to investigate, found overcharging across three financial years. CTM chairman Ewen Crouch apologised to shareholders and affected UK clients and said the company was committed to restoring confidence. In April, CTM was awarded a GBP552.5 million contract to house migrants at 14 hotels in southern England until August 2029. The company, which had previously estimated the total transaction value of its UK contracts at about $3 billion, now expects to restate results for 2023 to 2025 and delay its 2025 accounts to 2026. It also revealed $13.9 million in provisions for its Australian business. (SMH)(AFR)(Capital Brief)

4.

Housing heat: Australian home prices rose 1% in November, extending recent gains amid what property consultancy Cotality described as a record level of housing unaffordability. The national median dwelling value increased to $888,941, following a 1.1% gain in October. The growth was broad-based, with Perth leading the rise at 2.4%, while Sydney prices lifted 0.5% and Melbourne rose 0.3%. Cotality’s research director Tim Lawless said gains were strongest in mid-sized capitals and “especially evident in Perth, where listings are holding more than 40% below average (and) buyer demand is elevated”. Cotality highlighted the highest-ever dwelling value to household income ratio nationally, warning that stretched affordability and rising serviceability barriers mean fewer borrowers will be able to access credit. The Reserve Bank’s benchmark rate stands at 3.6%, its lowest since April 2023, following three cuts. It comes as housing-related inflation pressures could keep the RBA from easing further, with markets expecting rates to stay on hold, and as the banking regulator moves to tighten mortgage-lending rules to curb growing financial stability risks.(Bloomberg)(Reuters)

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Cash mode: Culture Amp has shifted to a cashflow-generative model after slowing growth, persistent losses and changing market dynamics prompted a strategic reset, CEO Didier Elzinga told Capital Brief. The HR software company reported 2025 revenue of USD177 million ($271 million), up 11%, with a narrowed net loss of USD24.4 million – its second year of declining revenue growth. Last week, Capital Brief reported the company had laid off 6% of staff and that investor Blackbird had written down its holding by 23.5%. Elzinga said the financial results represent a moment in time, and while Culture Amp didn’t reach cashflow-positive status in FY25, it is now “meaningfully” so. With USD36 million in the bank and consistent cashflow, he said the company has “infinite runway”. He added the layoffs were not just about cutting costs but about redirecting investment in response to evolving technical and cultural dynamics. AI is now central to the company’s product roadmap, with hiring focused on leadership and management productivity rather than task automation. (Capital Brief)

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The Signal: Lachlan and Sarah Murdoch will throw their annual Christmas party on Thursday at their Bellevue Hill home, kicking off the silly season for many of Australia’s political and corporate figures. The event is described as “the first big bash of the silly season” and draws powerbrokers and hopefuls eager to mix with one of the most influential figures in global media and politics. Prime Minister Anthony Albanese is expected to attend again this year, shortly after his weekend wedding, alongside NSW Premier Chris Minns. Also expected are Liberal MP Angus Taylor, former prime minister Tony Abbott, former Liberal MP and now Goldman Sachs Australia chair Josh Frydenberg, and Sky News personality Peta Credlin. From the business world, attendees are expected to include Commonwealth Bank CEO Matt Comyn, Telstra CEO Vicki Brady, Canva co-founder Cliff Obrecht, Seven Group’s Ryan Stokes, Steven and Judy Lowy and stockbroker Angus Aitken. Fox Corp executive vice president Brian Nick, described as “one of Lachlan’s closest confidants stateside”, has made the trip from the US. Rupert Murdoch, who visited Australia last December, is not expected this year. (Capital Brief)

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Factory drag: China’s factory activity extended its record streak of declines in November, with the official manufacturing purchasing managers index (PMI) rising slightly to 49.2 from 49.0 in October, according to the National Bureau of Statistics. The reading stayed below the 50-point mark that separates growth from contraction, marking the eighth consecutive month of decline. Output stalled at 50.0, and while sub-indexes for new and export orders improved from October, both remained in negative territory. Non-manufacturing activity, which includes services and construction, fell into contraction for the first time since December 2022, with the index dropping to 49.5 from 50.1. Beijing has rolled out 1 trillion yuan ($215.9 billion) in stimulus since late September. However, policymakers are expected to hold off on additional support as the 2025 growth target of around 5% appears within reach. Elsewhere, OPEC+ confirmed it will stick with plans to pause production hikes during the first quarter of 2026, citing signs of a global oil surplus and weaker seasonal demand, following video conferences held Sunday. (Bloomberg)(Reuters)(AP)

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Latin moves: US lawmakers launched bipartisan investigations into military strikes in the Caribbean after The Washington Post reported Defence Secretary Pete Hegseth gave a verbal order to “kill everybody” aboard a suspected narco vessel in early September. The report said the order led to a follow-up missile strike that killed survivors of an initial attack. Republican Senator Roger Wicker, chair of the Senate Armed Services Committee, and the panel’s top Democrat Jack Reed said they had “directed inquiries” to the Department of Defense and would conduct “vigorous oversight.” The House Armed Services Committee also confirmed “bipartisan action to gather a full accounting.” Hegseth denied the report, calling it “fake news” and “fabricated, inflammatory and derogatory.” He said the operations were “lawful under both US and international law.” The Trump administration has launched at least 22 strikes on suspected drug boats since then, killing more than 80 people. Separately, Trump declared airspace “above and surrounding Venezuela” closed, which Venezuela’s government condemned as a “threat of force.” Trump also announced plans to pardon former Honduran president Juan Orlando Hernández, convicted in the US of trafficking 500 tonnes of cocaine. Senator Tim Kaine said the pardon “completely undercuts” the administration’s anti-drug campaign and called it “unconscionable.” (WaPo)(NYT)(Bloomberg)(BBC)