Not since former Qantas boss Alan Joyce was stripped of $9 million in bonus pay have we witnessed a former chief executive’s hip pocket denuded like ANZ’s former boss Shayne Elliott’s.

His bonus payment has been ransacked to the tune of $13.5 million as a result of a series of regulatory failures under his watch that cost the bank $240 million in fines and unmeasurable damage to its reputation.

In doing so, the ANZ has created a new high watermark for executive remuneration consequences.

Former ANZ retail boss Maile Carnegie (left), former chief executive Shayne Elliot, and Mark Whelan, ANZ’s current head of institutional bank (right), have all lost their bonuses. Credit: Matt Willis

Such an outcome might have the hallmarks of public relations gold for accountability, but the ANZ’s board has endured intense pressure from shareholders that had been unhappy with incumbent pay deals and hit the bank with a shareholder first strike last year on its........

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