Source : THE AGE NEWS
The former chief executive of ANZ Bank, Shayne Elliott, has ended his legal action against the bank after it denied him $13.5 million in bonuses following a string of regulatory woes at the big four giant.
“ANZ today welcomed the decision by former chief executive officer Shayne Elliott to discontinue legal proceedings relating to remuneration outcomes in the 2025 financial year,” the bank said on Tuesday.
“As part of discontinuation, ANZ confirms that no payments or commitments were made to Mr Elliott with both parties bearing their own costs.”
Elliott missed out on $13.5 million as part of the bank board’s push for accountability for a series of incidents that occurred while he was running the bank, including four court matters that were settled last September, with ANZ agreeing to pay a record $240 million fine. In doing so, the bank admitted to unconscionable conduct on a major government bond deal, incorrect reporting of trading data and misconduct affecting nearly 65,000 customers.
Elliott left ANZ in May after more than nine years in the top job. 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 was due to receive.
More to come
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Clancy Yeates is deputy business editor. He has covered banking and financial services, and was previously national business correspondent in the Canberra bureau.Connect via X or email.
