ANZ Bank's new chair Paul O'Sullivan says the lender's dividend policy will be guided by how the coronavirus crisis evolves, despite the bulk of its customers affected by the pandemic lockdowns restarting to make payments.
The onset of COVID-19 in March forced the banks, in coordination with the federal government and regulators, to offer affected Australians the ability to pause loan repayments for six months. The deferral period was subsequently extended by an additional four monthsAccording to ANZ's latest update on loan deferrals, 80 per cent of customers had now started making repayments on loans that were paused in March.
Despite this, over a quarter of shareholders voted on a resolution to further reduce fossil fuel exposure – almost double the level of support for a similar resolution last year – and the bank received a number of questions pushing for greater action. Meanwhile, the bank's remuneration report, that included Mr Elliott's first pay rise since being appointed as CEO in 2016 to $2.5 million base pay, passed with more than 95 per cent support. However, a number of shareholders criticised executive pay when compared to the bank's general staff, that were given up to 2 per cent pay rises this year.
Source: Loan Digest (loandigest.net)
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