ANZ drops individual bonuses

ANZ/remuneration/Shayne-Elliott/Royal-Commission/RC/

6 August 2019
| By Mike |
image
image image
expand image

ANZ has announced key changes to its remuneration structure with individual bonuses being replaced with incentives based on overall group performance.

The changes were announced by ANZ chief executive, Shayne Elliott today who said that from 1 October, the only variable remuneration most ANZ employees would receive would be in the form of a Group Performance Dividend based on the bank’s performance from risk, financial, customer, people and reputation perspective.

Elliott said the Royal Commission had rightly shone a light on the negative impact an over emphasis on individual bonuses within the bank could have on customers and the community.

“We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take home pay with these reduced bonuses to be determined by the overall performance of the bank,” he said.

The bank said a small percentage of people in mostly senior roles who had an increased ability to impact on ANZ’s performance would still have a portion of ‘at risk’ pay that would be determined by business unit and individual performance.

It said this would comprise a smaller proportion of total compensation with appropriate deferrals in place.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 18 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5