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Australia's ANZ cuts top officials' pay by 20% amid inquiry panel scrutiny

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Top executives of Australia and New Zealand Banking Group face a reduction in their base fees for fiscal 2019, the bank said on Monday, after the findings of a damning financial sector inquiry invited intense scrutiny.

[BENGALURU] Top executives of Australia and New Zealand Banking Group face a reduction in their base fees for fiscal 2019, the bank said on Monday, after the findings of a damning financial sector inquiry invited intense scrutiny.

Fees will be cut 20 per cent for non-executive directors and the chairman next year, it said in an annual report that reiterated expectations of a weaker retail banking environment in Australia.

In a similar move in September, National Australia Bank had cited legal and public backlash from the findings of the royal commission.

The year-long royal commission examining the financial sector uncovered widespread instances of wrongdoing by all Australia's major banks, wiping billions from their market capital.

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Last month, ANZ said second-half profit fell 13 per cent because of compensation paid to wronged customers. At the time, it announced cuts of about A$124 million (S$122.7 million) to staff variable pay, but left unchanged remuneration for chief executive Shayne Elliott in 2018.

The bank's shares were up about 1.3 per cent by 0415 GMT, outperforming the benchmark, which was down about 0.4 per cent. 

REUTERS