ANZ comments on former CEO's legal action

News Release

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
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For Release: 12 December 2025
ANZ comments on former CEO’s legal action
ANZ today noted legal action commenced by former Chief Executive Officer Shayne Elliott in the NSW Supreme
Court relating to remuneration outcomes in the 2025 financial year.
Under the Australian Prudential Regulation Authority’s Prudential Standard CPS 511, ANZ is required to design
remuneration in a way that encourages prudent risk management as well as linking executive pay to performance
and risk outcomes. The Board is also required to consider these matters when deciding to release unvested
equity on an annual basis.
In assessing remuneration outcomes this year, the Board determined that no Australian-based Group Executive
would receive short-term variable remuneration, excluding those in acting roles. It also resolved that some of the
long-term variable remuneration due to vest to Mr Elliott would be adjusted downwards to zero for 2025 and
2026.
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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