ANZ's chair Gonski delivers a mea culpa to shareholders

David Gonski

"Every failure damages our customers and our reputation and costs us money," Gonski told the meeting in Brisbane while discussing the additional A$682 million the bank has provided for remediating problems such as overcharging and mis-selling products to its customers.

"Your board recognises the impact this has on shareholders. This is a real cost and, as a result, it has impacted the remuneration outcome for management," Gonski said.

Managing director Shayne Elliott was paid nearly A$4.1 million for the year ended September, down from A$5.25 million in 2018 and A$6.2 million in 2017.

Gonski said the pay cut was "despite a solid personal performance this year."