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In this episode of the nestegg podcast, David Stratford has a chat with Aberdeen Standard Investments’ head of retirement and product strategy for Australia, Jason Nyilas, to discuss all things retirement.

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Investors will learn the importance of financial advice in retirement, as the default pension options available don’t always match up with personal expectations.

Jason also weighs in on whether the impending retirement income covenant goes far enough in supporting individual member needs.

Thanks, Jason, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Tuesday, 22 October 2019

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ANZ gets rid of employee bonuses in customer win

By Grace Ormsby · August 07 2019

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ANZ gets rid of employee bonuses in customer win

By Grace Ormsby · August 07 2019

Reading:

ANZ has announced that its employees will no longer receive variable remuneration from October this year.

The reform to remuneration is part of the bank’s initial response to recommendations from the banking royal commission and will reportedly lead to better outcomes for customers, shareholders and the community.

In a statement, ANZ said the only variable remuneration most employees will receive will be in the form of a group performance dividend, which is based on the bank’s performance from a risk, financial, customer, people and reputation perspective.

This will replace the bank’s previous engagement of individual bonuses for employees.

The changes, applicable from 1 October 2019, will not impact the spend on total compensation, according to the bank, and will instead affect the mix between fixed and variable remuneration for employees.

Commenting on the announcement, ANZ chief executive Shayne Elliott said that “the royal commission rightly shone a light on the negative impact the over-emphasis on individual bonuses within a bank can have on customers and the community”.

“We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take-home pay, with these reduced bonuses to be determined by the overall performance of the bank,” he outlined.

The changes were reported as not being applicable to ANZ’s executive committee, whose remuneration is structured in accordance with regulatory requirements.

A small percentage of people “in mostly senior roles” who have an increased ability to impact on ANZ’s performance will still have a portion of “at risk” pay that will be determined by business unit and individual performance, it was explained.

According to ANZ, this will comprise a smaller proportion of total compensation with appropriate deferrals in place.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.