FSU Will Send Your Message To ANZ About Executive Pay
The FSU represents members in many ways including at Annual General Meetings and ballots of shareholders. We take the responsibility to represent the interest of workers seriously and that’s why we are seeking your support on the matter of executive remuneration at ANZ. This year Executive pay will be a hot issue at the ANZ AGM and as FSU members and shareholders we can work together to make change.
Executive Remuneration Under Heavy Scrutiny
The Royal Commission has put the interaction between leadership culture and remuneration squarely in the spotlight. Commissioner Hayne noted the greed displayed by senior bank executives has its roots in the pursuit of short term profit. That same short term profit delivers million dollar incomes for Senior Executives.
ANZ Likely to Face a Strike on Pay
As a result of all the adverse publicity around greed and poor customer outcomes industry heavyweights like Australian Super have already come out and stated they will be opposing Remuneration Reports at NAB, ANZ and Westpac. Ian Silk, CEO of Australian Super, says it’s due to the lack of transparency. The link between executive performance and pay has been broken. The banks have failed to provide a clear basis for why bonuses for senior executives were at the right level. By working together we have already delivered a strike at Westpac and will be looking to do the same at NAB and ANZ.
You Get A Vote on the Remuneration Report
All shareholders have the opportunity to vote on the Remuneration Report. By voting “NO” we will send a clear message to ANZ that workers want to see real change to remuneration and culture. A strike on the remuneration report should force ANZ to reconsider their approach to excessive Executive Remuneration. It’s time to make remuneration fair for all employees. Alternatively you can direct your proxy to FSU by following these simple instructions, found on the voting form:
Here’s what they were paid in 2018
| Shayne Elliott | CEO | $3.85 million |
| Maile Carnegie | Group Executive Digital Banking | $3.04 million |
| Kevin Corbally | Group Chief Risk Officer | $651 thousand |
| Alexis George | Deputy Chief Exec Officer & Group Exec Wealth Australia | $1.81 million |
| David Hisco | CEO New Zealand & Group Executive | $2.68 million |
| Michelle Jablko | Chief Financial Officer | $2.04 million |
| Fred Ohlson | Group Executive, Australia | $1.99 million |
| Mark Whelan | Group Executive, Institutional | $2.77 million |
Contact Details
Finance Sector Union
Ph: 1300 366 378
fsuinfo@fsunion.org.au
