All eyes will be on ANZ Group Holdings Ltd (ASX: ANZ) shares on Thursday.
That's because the banking giant will be holding its annual general meeting on that day.
It's possible that the bank could provide investors with an update on trading conditions or its performance early in FY 2025 at the event.
What else should investors look out for?
Shareholders will be asked to vote on a number of items at the event. This includes the election and re-election of board endorsed candidates Scott St John, Richard Gibb, and Christine O'Reilly.
The Australian Shareholders' Association (ASA) has given its verdict on these matters ahead of the meeting.
They are for the election of Scott St John and re-election of Christine O'Reilly. However, they are undecided on the election of Richard Gibb to the board. It explains:
[W]e need to further understand the attributes Richard Gibb provides to the Board and ultimately shareholders. He does not appear to have had previous listed public company board experience, having had a background in investment banking. As Chair of the Board's Risk Committee, he has a key role in addressing the non-financial risk management challenges currently being addressed by the Bank. In addition, with his Sydney residency, we need to further understand how he engages with key executives on risk matters, many of whom are based at the Corporate Office in Melbourne.
Remuneration
There have been reports that ANZ could face a first shareholder protest vote since directors and the chairman took a blanket 20% pay cut to calm investors six years ago.
However, the ASA is supportive of the remuneration report and recommends voting in favour of it. It said:
Given the strong financial performance and the successful Suncorp Bank acquisition, the Board had to grapple with the appropriate consequences for cultural and non-financial risk issues that arose over the period for the CEO and Disclosed Executives. They have captured their application in a summary on page 72 of the Annual Report. Based on information currently available their approach appears reasonable and therefore ASA will support the approval of the report.
Potential protest
There is also potential for an actual protest at the event. This morning, the bank stated:
ANZ today advised it has become aware of potential protest activity that may disrupt this year's Annual General Meeting (AGM), being held on 19 December 2024. As a result, ANZ is implementing additional precautionary safety measures, including security searches and certain restrictions on the admission of visitors and guests. Shareholders and guests attending in person should allow additional time to complete registration and security checks.
This protest action may relate to the bank's decision to continue funding fossil fuel projects.
There will be a vote relating to this matter at the meeting. However, ASA intends to vote against it. It said:
ANZ is a significant lender to this sector and they argue that by financing these entities they are assisting them to transition to levels as required under the Paris Agreement. Market Forces contend that ANZ are not requiring inclusion of Scope 3 emission targets in the relevant entity's transition plans amongst other short comings. On balance, we have decided to vote "against" the resolutions on this occasion, with the expectation that ANZ will require entities to which they lend to address the requirements of the Paris Agreement within the timeframes set down in that agreement or cease to finance them.
