Former Australia and New Zealand Banking Group (ANZ) chief executive Shayne Elliott has launched legal action against the bank over his 2025 pay outcomes.
Elliott, who stepped down as CEO in May 2025, filed the lawsuit after ANZ reduced his post-retirement bonus entitlements, estimated at about A$13.5 million, according to local media.
In a separate statement, ANZ chairman Paul O’Sullivan said the board is confident in its stance and “will defend this matter vigorously.”
ANZ said that when determining remuneration for 2025, the board decided that no Australia-based group executive would receive short-term variable pay, except those serving in acting positions.
The bank also said it resolved to cut to zero some long-term incentive payments that were due to vest for Elliott in 2025 and 2026, according to a statement released on 12 December 2025.
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