Bendigo bank avoids shareholder revolt over executive pay
Bendigo and Adelaide Bank's pay report passed with 84.8% shareholder support. It passed despite serious money-laundering compliance gaps.
A Deloitte review found serious problems across the bank following suspicious activity at one branch. The activity led to four arrests.
The bank reported itself to regulators. Banking regulator APRA ordered the bank to hold an extra $50 million in capital.
Fixing the problems will cost $70 million over three years. In response, the board cut bonuses for top executives.
Richard Fennell lost $397,000. His pay dropped from $2.4 million to $1.75 million.
Four other executives each lost between $258,000 and $321,000. No leadership received pay raises this year.
The board also held additional awards for key staff. Bendigo avoided a shareholder strike.
- 84.8%
- Shareholder support
- 50 million dollars
- APRA capital requirement
- 70 million dollars
- Three-year fix cost
- 397,000 dollars
- CEO bonus cut
Why it mattersThis shows how boards respond when serious compliance failures hurt reputation and investor trust.
AustraliaBendigo and Adelaide Bank is a major regional lender across Australia; compliance failures in any major bank affect public trust in the banking system.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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