{"id":299815,"date":"2026-02-24T13:52:08","date_gmt":"2026-02-24T13:52:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/299815\/"},"modified":"2026-02-24T13:52:08","modified_gmt":"2026-02-24T13:52:08","slug":"anzs-former-ceo-shayne-elliott-drops-legal-action-over-a13-5m-bonus-cut","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/299815\/","title":{"rendered":"ANZ\u2019s former CEO Shayne Elliott drops legal action over A$13.5m bonus cut"},"content":{"rendered":"

The ANZ board made the decision after ANZ was fined A$250m<\/a> for widespread misconduct and systemic risk failures affecting the Australian Government, taxpayers and at least 65,000 retail bank customers.<\/p>\n

This was the largest combined penalty the Australian Securities and Investments Commission (ASIC) had ever taken against an entity.<\/p>\n

ANZ noted it was required to link executives\u2019 pay to their performance and ensure their pay encouraged them to manage risks. And so, its board decided none of its Australian-based group executives would receive short-term variable remuneration.<\/p>\n

The board also decided \u201csome of the long-term variable remuneration due to vest to Mr Elliott would be adjusted downwards to zero for 2025 and 2026\u201d.<\/p>\n

ANZ chairman Paul O\u2019Sullivan said the board had been \u201cconsidered and very deliberate\u201d in its assessment, was confident in its position and would \u201cdefend this matter vigorously\u201d. <\/p>\n

ANZ NZ chief executive Antonia Watson was one of the bank\u2019s few bosses to get a short-term bonus last year. <\/p>\n

Her total statutory remuneration was A$2.58m<\/a> ($2.99m) in the year to September 2025, up from A$2.56m ($2.97m) in the prior year.<\/p>\n

Jen\u00e9e Tibshraeny is the Herald\u2019s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"The ANZ board made the decision after ANZ was fined A$250m for widespread misconduct and systemic risk failures…\n","protected":false},"author":2,"featured_media":299816,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[164773,432,9092,18464,34076,116602,138,3500,3937,3588,18692,28157,28796,94390,12765,3938,2740,28450,6712,111,139,69,1523,65796,6382],"class_list":{"0":"post-299815","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-a135m","9":"tag-action","10":"tag-against","11":"tag-anzs","12":"tag-bonus","13":"tag-bonuses","14":"tag-business","15":"tag-ceo","16":"tag-chief","17":"tag-cut","18":"tag-cutting","19":"tag-dropped","20":"tag-drops","21":"tag-elliott","22":"tag-employer","23":"tag-executive","24":"tag-former","25":"tag-groups","26":"tag-legal","27":"tag-new-zealand","28":"tag-newzealand","29":"tag-nz","30":"tag-over","31":"tag-shayne","32":"tag-took"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/299815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=299815"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/299815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/299816"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=299815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=299815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=299815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}