ANZ, the banking giant which offers a range of insurance products, has revamped its remuneration structure, in response to the royal commission which linked the overemphasis on individual bonuses to widespread misconduct in the financial services sector.
ANZ will still spend $4.75 billion on total compensation but, starting October 01, will scrap individual bonuses for most employees, to be replaced with group performance dividends, which are based on the bank’s performance from a risk, financial, customer, people, and reputation perspective.
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