ANZ - 2021 Annual Report

Remuneration report 2021 REMUNERATION REPORT – AUDITED This year was perhaps even more challenging than last year, given the sustained economic and societal impacts of COVID-19. While we all would have preferred to have confined the effects of the pandemic to 2020, we find ourselves at the end of 2021, still focused on managing the impacts on our customers, our people, the community and you, our shareholders. What was pleasing, however, was the way everyone at ANZ, led by our Chief Executive Officer (CEO) Shayne Elliott and the executive team, responded to the continuing crisis. It has been a very difficult period across our network. In Australia borders have been disrupted, while Sydney and Melbourne have endured lengthy lockdowns. The situation is similar in New Zealand. We have managed the impacts across our 33 geographies, including our major operations centres in India and the Philippines. Despite the difficult trading conditions, the bank delivered a solid result for shareholders that reflects the strength of our diversified portfolio. We led the industry with our productivity and simplification initiatives and we are now in a strong position to take advantage of future opportunities. We are rapidly building the capabilities we need for the digital world. This year alone we’ve recruited more than 3,000 engineering and data experts, many of whom are from the world’s leading technology companies. From a risk perspective, our strong frameworks enabled our sound response to COVID-19 and business continuity was maintained through the year with no major operational challenges associated with the pandemic. We also progressed the delivery of our regulatory commitments, including implementing recommendations arising from the Royal Commission, our APRA self-assessment and the implementation of BS11 in New Zealand. Despite the 12% increase in home loan revenue, there was a loss of market share in the Australian mortgage business as a result of home loan processing challenges, and a delivery delay with one of our digital transformative products. These issues are being addressed by management. In assessing ANZ’s performance the Board determined that management had exceeded or met most objectives, while also acknowledging that there have been challenges and performance was below expectations in a few key areas. All these matters have been taken into account in assessing the Group’s performance, Shayne’s performance and the performance of the executive team for 2021. 74 OVERVIEW HOW WE CREATE VALUE PERFORMANCE OVERVIEW REMUNERATION REPORT DIRECTORS’ REPORT FINANCIAL REPORT SHAREHOLDER INFORMATION

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