(Bloomberg) -- ANZ Group Holdings Ltd. officials met with a group representing thousands of retail shareholders to discuss the dealing and conduct scandals rocking the bank.
Australian Shareholders’ Association Chief Executive Officer Rachel Waterhouse said her organization met with ANZ representatives this week and is awaiting the outcomes of an investigation by the securities regulator. ASA regularly meets with the bank to discuss a range of topics, Waterhouse said.
“Everyday investors rightly expect companies to have the proper systems, processes, and leadership in place,” she said in an emailed statement. “When issues arise, we expect transparency about the problem, confirmation that it has been resolved, and accountability from those responsible.”
ANZ is under scrutiny amid probes into dealing practices and culture, with pressure building on CEO Shayne Elliott to clean up the markets division. The Australian Securities and Investments Commission is looking into the firm’s role as a risk manager in a government bond sale last year amid allegations it inflated trading data.
Any answers “may be delayed pending ASIC’s review,” Waterhouse said. “We anticipate gaining more clarity once ASIC completes its investigation.”
A spokesperson for ANZ declined to comment.
ASIC Chair Joe Longo has said the investigation into ANZ won’t conclude until the end of this year or early 2025.
Last month, a group representing institutional investors including Australian pension funds said it was concerned by recent allegations at ANZ.
“It is now the board’s responsibility to assess what has occurred and determine accountability for executives,” said Ed John, executive manager for stewardship at the Australian Council of Superannuation Investors.
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