Climate activist clowns disrupt ANZ annual meeting in Brisbane

ANZ was forced to pause its annual general meeting in Brisbane as members of a protest group dressed as circus performers interrupted chairman Paul O’Sullivan.

ANZ’s decision to bring its executive caravan to Brisbane for its annual general meeting unfortunately also attracted a circus.

What promised to be a slick event to burnish its Queensland credentials ahead of its expected $4.9bn take of Suncorp Bank was disrupted by climate activists dressed as clowns and circus performers.

Despite arranging a choir singing Christmas carols and laying on a selection of snacks, including ANZ-themed cookies, a global warming “circus troupe” managed to disrupt proceedings for about 10 minutes before being led out of the venue at the Brisbane Convention and Exhibition Centre by security.

Heavy security including airport style metal detectors at the entrance to the venue failed to prevent the protesters, described as “serial activists, from bringing in their costumes hidden in bags before changing into them in the toilets.

One protester dressed as a ringleader in a red-waistcoat gave a speech that drowned out an address from ANZ chairman Paul O’Sullivan.

Protesters interrupted the ANZ AGM in Brisbane. Picture: Dan Peled/NCA NewsWire

“We will see you in the funnies,” said the man while his fellow “circus performers” complete with red noses jumped on each other’s shoulders. “But it is not so funny when our kid’s future is being destroyed by the funding for the climate heating coal, gas and oil industry.”

Mr O’Sullivan reminded the protester that the annual general meeting was a forum for all shareholders to express their views and told him to sit down or risk being removed by security. Mr O’Sullivan later thanked the protesters for being “so respectful” and allowing the meeting to continue. Later several shareholders took ANZ to task for continuing to fund gas and oil projects, but Mr O’Sullivan defended the bank’s environmental record.

Climate activists protest during ANZ bank’s annual meeting in Brisbane. Picture: Dan Peled / NCA NewsWire

“In recent years it’s become clear many Australians expect companies, including banks, to consider the social, economic and environmental impacts of the decisions we make,” said Mr O’Sullivan. “In fact, we set high standards in this area and produce a range of reports for a wide array of stakeholders, including our climate-related financial disclosures.”

ANZ has faced heightened activist attention in recent years over its lending policies, defending its continued engagement with oil and gas companies.

Prior to the interruption, ANZ chief executive Shayne Elliott told shareholders the bank had “started the new financial year well”, noting its revenues were “in line” with the second half of the 2023 financial year.

Mr Elliott said ANZ was seeing strong performance across its divisions “despite high levels of competition and concerns around a slowing of the economy”.

He said ANZ’s plan to buy Suncorp Bank, which has been blocked by the Australian Competition and Consumer Commission (ACCC) and is currently subject to an appeal to the Australian Competition Tribunal, would significantly increase the scale of its retail and commercial bank.

“It would help us to compete even more effectively but if the transaction is blocked ANZ remains confident in the execution of our Australian growth strategy,” he said.

“We have a fortress balance sheet, the right portfolio, and a proven team, to ensure we can

support our customers while delivering for our shareholders through challenging time,” Mr Elliott said, He said lending was strong across ANZ’s retail and commercial franchises, while the bank’s investments in home loan processing and improved broker experience were “providing ongoing benefits”.

ANZ has been criticised by rivals for its low market pricing, with some warning it was seeing loans written below the cost of capital, but Mr Elliot defended the bank’s lending.

“We want to grow our Australian Home Loan book profitably by continuing to offer reliable turnaround times, and in line with that we are competitive but not market leading on pricing,” he said. Mr Elliott noted the markets business in ANZ’s institutional arm “has had a good start”, with revenues in the first quarter in line with prior results, but coming in stronger than the second half of 2023.

ANZ CEO Shayne Elliott during the bank’s AGM in Brisbane. Picture: Dan Peled / NCA NewsWire

“Our focus on high quality customer selection and prudent risk appetite means credit quality

remains strong, with no material increase in credit costs in the quarter,” he said.

Mr Elliott said ANZ was well positioned to manage the economic swings in Australia and New Zealand, noting both countries remained “remarkably robust”.

“But the outlook is certainly more challenging, with interest rates and inflation expected to remain high, geopolitical risks rising and capital flows changing faster than we have seen in some time,” he said.

“Our economists expect slower economic growth in both Australia and New Zealand in 2024 and only modest movements in interest rates and inflation.”

But Mr Elliott said there was a “bright side” with household balance sheets, strong housing markets, business spending, and government investment, supporting domestic spending in both Australia and New Zealand.

“Even so, pockets of weakness are already emerging, and we know this can disproportionately impact those with less secure employment, on lower incomes or renters, many of whom are younger,” he said.

“Thankfully, for those with existing loans, even first-home buyers, the number of customers experiencing financial difficulty remains modest by historic standards.”

Mr Elliott said ANZ was seeing low levels of hardship, with many borrowers “back on track” after first seeking assistance.

“In the coming year we expect to be required to provide more support for our customers, and our strong results mean we stand ready and able to do so,” he said.