Remuneration Overview

The following pages provide a summary of the remuneration for our Key Management Personnel (KMP) – Non-Executive Directors (NEDs), Chief Executive Officer (CEO) and Disclosed Executives. In this section we have included the remuneration tables that shareholder feedback has told us are of the most interest. The full Remuneration Report is contained in the Annual Report from page 66 onwards, which includes details of our remuneration strategy and framework and the remuneration practices that apply to KMP. The report can be accessed via the ANZ website at anz.com/annualreport.

NON-EXECUTIVE DIRECTOR REMUNERATION

The Board reviewed NED fees for 2019 and determined once again not to increase their fees (which remain unchanged from 2016). As disclosed in last year’s Remuneration Report, the NEDs who served on the Board in 2018 agreed to a 20% reduction of their Board fee for 2019 (20% reduction to the Chairman fee from $825,000 to $660,000, and 20% reduction to the NED member fee from $240,000 to $192,000) as a consequence for the shared accountability for the failures highlighted by the 2018 Royal Commission.

2019 STATUTORY REMUNERATION – NEDS

		Short-Term NED Benefits	Post-Employment
	Financial Year	Fees ¹	Non monetary benefits	Super-contributions ¹	Total remuneration ²
		$	$	$	$
CURRENT NON-EXECUTIVE DIRECTORS
D Gonski	2019	Short-Term NED Benefits	639,351	-	Post-Employment	20,649	660,000
	2018	Short-Term NED Benefits	804,831	-	Post-Employment	20,169	825,000
I Atlas	2019	Short-Term NED Benefits	275,851	-	Post-Employment	20,649	296,500
	2018	Short-Term NED Benefits	324,331	-	Post-Employment	20,169	344,500
P Dwyer	2019	Short-Term NED Benefits	296,351	-	Post-Employment	20,649	317,000
	2018	Short-Term NED Benefits	344,831	-	Post-Employment	20,169	365,000
J Halton	2019	Short-Term NED Benefits	246,058	-	Post-Employment	20,649	266,707
	2018	Short-Term NED Benefits	277,567	-	Post-Employment	20,169	297,736
J Key ³	2019	Short-Term NED Benefits	229,131	-	Post-Employment	20,649	249,780
		Short-Term NED Benefits	148,546	-	Post-Employment	11,996	160,542
G Liebelt	2019	Short-Term NED Benefits	294,851	-	Post-Employment	20,649	315,500
	2018	Short-Term NED Benefits	345,858	-	Post-Employment	20,169	366,027
J Macfarlane	2019	Short-Term NED Benefits	249,851	-	Post-Employment	20,649	270,500
	2018	Short-Term NED Benefits	298,331	-	Post-Employment	20,169	318,500
FORMER NON-EXECUTIVE DIRECTOR
H Lee ⁴	2019	Short-Term NED Benefits	57,258	4,832	Post-Employment	5,133	67,223
	2018	Short-Term NED Benefits	345,858	-	Post-Employment	20,169	335,000
Total of all Non-Executive Directors	2019	Short-Term NED Benefits	2,288,702	4,832	Post-Employment	5,133	67,223
	2018	Short-Term NED Benefits	2,859,126	-	Post-Employment	153,179	3,012,305

^1. Year-on-year differences in fees relate to the 20% reduction to the Chairman fee and the NED member fees in 2019, changes in Committee memberships and changes to the superannuation Maximum Contribution Base.

^2. Long-term benefits and share-based payments do not apply for the NEDs.

^3. J Key commenced as a NED for Australia and New Zealand Banking Group Limited (ANZBGL) on 28 February 2018, so 2018 remuneration reflects a partial service year. In addition for 2018, in relation to his Non-Executive Directorship from 18 October 2017 for ANZ Bank New Zealand Limited, J Key also received a total of NZD 302,925 as a NED until 31 December 2017 and from 1 January 2018 as Chairman. In 2019, J Key also received a total of NZD 382,950 as Chairman for ANZ Bank New Zealand Limited.

^4. H Lee retired as a NED on 19 December 2018, so 2019 remuneration reflects partial service year up to his date of retirement. Non monetary benefits relate to gifts on retirement including Fringe Benefits Tax.