Former ANZ chief executive Shayne Elliott and three other senior executives have had their financial year bonuses docked following a record $240 million fine imposed on the lender by the Australian Securities and Investments Commission (ASIC). The penalties stem from failures overseen by the executives during their tenure at the bank. ANZ is one of Australia’s largest banks, providing a range of financial products and services to retail, commercial, and institutional customers. ASIC is the corporate regulator that aims to protect investors and consumers in Australia.
Elliott, along with retail bank head Maile Carnegie, former technology executive Gerard Florian, and former head of strategy and transformation Antony Strong, departed ANZ after the arrival of new chief executive Nuno Matos in May. Despite their departures, they were still eligible for partial bonuses for the portion of the financial year they worked. Elliott and Carnegie also forfeited their 2026 equity entitlements, according to ANZ’s annual report.
The ASIC case centred on a series of non-financial risk (NFR) issues, including those related to reputational damage and regulatory breaches. In response, the board decided to forfeit some or all of the equity due to vest in November/December 2025 for the involved individuals. This decision aimed to ensure that the overall consequences were both appropriate and proportionate, considering the severity of the failures.
The board also determined that a 0 per cent Short Term Variable Remuneration (STVR) was appropriate for current and former Australian-based executive leadership team members (excluding two executives in acting roles). This decision reflects their collective accountability for non-financial risk management, effectively meaning that neither the current nor former CEO received STVR for the financial year.
