ANZ Holders Should Shun Executive Pay Plan, Glass Lewis Says

ANZ Group Holdings Ltd. investors should vote against the firm’s pay report at its coming annual shareholder meeting, proxy adviser Glass Lewis recommended, raising pressure on the board to take more action for past failings to curb risks.

Glass Lewis cited “insufficient remuneration consequences,” according to its advice, that pointed out that the millions docked from compensation doesn’t fully reflect failures to manage non-financial risks. At the same time, it supported the re-election of Chair Paul O’Sullivan, who’s been in the role since 2020 and will oversee the meeting that’s being held in Sydney on Dec. 18.