ANZ ex-CEO Shayne Elliot sues the bank

Elliot’s long-term variable remuneration was adjusted to zero for 2025 and 2026.

The Australia and New Zealand Banking Corporation (ANZ)’s former CEO Shayne Elliot has sued the bank for 2025 remuneration outcomes.

Elliot, who was CEO up until May 2025, took legal action after the Australian bank docked his bonus payments after his retirement—an estimated A$13.5m, according to local media reports.

In a separate statement, ANZ chairman Paul O’Sullivan said that the bank’s board is confident of its position and “will defend this matter vigorously.”

ANZ said that in assessing remuneration for 2025, 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 Elliott would be adjusted downwards to zero for 2025 and 2026, according to a statement published on 12 December 2025.