The board plans to incorporate shareholder feedback into future decisions, as highlighted by O'Sullivan's acknowledgment of the investor revolt and the challenges faced this year due to non-financial risk management issues.

At ANZ's recent annual general meeting in Melbourne, preliminary vote results revealed that 38.3% of shareholders opposed the bank's remuneration report, marking a significant 'first strike' against the board.

This dissent, which represents nearly 40% of investors, is the first AGM strike in six years, driven by concerns over executive pay amid allegations of mismanagement and reputational damage.

In response to the backlash, outgoing CEO Shayne Elliott announced he would forfeit $3.2 million in bonuses, acknowledging shareholder concerns regarding toxic behavior in the bank's trading rooms.

ANZ chairman Paul O'Sullivan stated that Elliott's decision to forfeit his bonuses was intended to mitigate the impact on the bank and recognize the seriousness of shareholder feedback.

O'Sullivan praised Elliott for taking accountability, despite not being directly involved in the alleged misconduct, and emphasized the board's commitment to addressing shareholder concerns with humility.

The Australian Prudential Regulation Authority (APRA) has raised concerns about ANZ's culture and imposed a $250 million capital buffer on the bank following a scandal involving the overstatement of government bond values.

Early voting showed only 50.08% support for Elliott's long-term variable remuneration, leading to the withdrawal of the payment resolution after a 49% protest vote.

Proxy advisers criticized the lack of significant pay cuts for executives, reflecting the broader discontent among shareholders regarding the bank's handling of recent scandals.

Shareholders also expressed significant dissent over ANZ's climate change policies, with a resolution aimed at ensuring fossil fuel companies have Paris Agreement-aligned transition plans receiving only 27% support.

A vote against a company's remuneration report exceeding 25% is classified as a 'first strike', and if the opposition persists next year, it could lead to a board spill resolution.

Looking ahead, former HSBC executive Nuno Matos will succeed Elliott as CEO on July 3, 2025, with the board expressing confidence that his appointment aligns with their strategic direction.