ANZ Share Price After the Bell (12 Dec 2025): Ex-CEO Lawsuit, Pay Governance Spotlight, and What to Watch Before the Next ASX Open

ANZ Group Holdings Limited (ASX: ANZ) ended Friday, 12 December 2025 higher even as headlines focused on former CEO Shayne Elliott’s Supreme Court claim over A$13.5 million in cut bonuses. Here’s the close recap, the key news, analyst price targets, and the real “pre-open” checklist investors should have ready.

SYDNEY — ANZ Group Holdings Limited shares finished up on Friday, 12 December 2025, and they did it while carrying one of those stories markets love: executive pay, regulators, and a lawsuit with a very specific number attached to it.

After the close, the core narrative for ANZ stock isn’t “mystery,” it’s governance + accountability + what happens next at the AGM—with the added twist that the former CEO is now asking a court to weigh in.

Below is what moved ANZ, what the company said, what analysts (in aggregate) are projecting, and what matters before the next time the ASX actually opens.

ANZ stock price recap: how ANZ traded on 12.12.2025 “after the bell”

ANZ shares closed Friday at A$35.81, up A$0.42 (+1.19%) on the day. Intraday, ANZ traded between A$35.36 and A$35.91, opening around A$35.40, with reported volume around 3.7 million shares. ^[1]

This move happened alongside a broader “risk-on” session in Australia: the ASX 200 was up about 1.2% late in the day and financials participated in the bounce. ^[2]

The vibe check: ANZ stock rising on a day of lawsuit headlines doesn’t mean investors “liked” the lawsuit—it more likely means (1) the market had already been living with the bonus clawback story for months, and (2) the session’s sector rotation and index-level strength swamped single-name headline risk.

The headline that mattered after the close: former ANZ CEO Shayne Elliott sues over bonus cuts

The dominant ANZ-specific catalyst from 12 December 2025 was confirmation that former CEO Shayne Elliott has commenced legal action in the New South Wales Supreme Court, arguing ANZ breached the terms of his departure by stripping A$13.5 million in bonuses. Reuters reported Elliott said there was a “clear, unambiguous agreement” regarding his departure terms, and that he is seeking the earliest possible hearing of his claim. ^[3]

ANZ’s position, in plain English: they’re not backing down. The bank said it will defend the matter “vigorously” and reiterated that the board had been “considered and very deliberate” in determining remuneration outcomes. ^[4]

Why ANZ cut the bonuses in the first place

The board’s decision sits in the shadow of ANZ’s A$240 million civil penalty tied to systemic failures referenced in reporting, including conduct around a government bond deal and charging fees to deceased customers. ^[5]

And ANZ didn’t just point to “culture” in a hand-wavy way—it pointed to the rulebook.

The regulatory frame: APRA CPS 511 (the pay-and-risk link)

In its 12 December statement, ANZ explicitly referenced APRA Prudential Standard CPS 511, which requires remuneration design that encourages prudent risk management and links executive pay to performance and risk outcomes. ANZ said the board must consider these matters when deciding whether to release unvested equity each year. ^[6]

ANZ also said that, for this year’s outcomes, no Australian-based Group Executive would receive short‑term variable remuneration (except those in acting roles), and that some long‑term variable remuneration due to vest to Elliott would be adjusted down to zero for 2025 and 2026. ^[7]

That detail matters because it signals the dispute is not only about Elliott; it’s about the board’s interpretation of “accountability” under a prudential regime that has been tightening around bank governance.

What investors should understand: the market impact is less about dollars, more about governance

A$13.5 million is not an existential number for a major bank. The bigger investor question is:

Does this escalate into a broader governance event that changes boardroom outcomes—especially at the AGM?

Here are the channels where this can matter to ANZ stock:

Reputation & trust premium (or discount). Banks are leveraged trust machines. Anything that revives misconduct narratives can influence how investors price “quality.”
AGM dynamics. Lawsuits + pay votes can combine into a very spicy cocktail—especially if large institutions decide to send a message.
Precedent risk. If a court ends up interrogating how departure terms interact with “risk-based” remuneration rules, boards everywhere will pay attention (and so will investors).

Reuters noted that other executives also faced sweeping pay and bonus eliminations totaling about A$32 million (per the annual report), and that a proxy advisory report indicated Elliott still retained about A$7.9 million in long‑term incentive pay after cuts. ^[8]

AGM and shareholder pressure: this story is landing right in front of a big date

ANZ’s upcoming calendar matters because this legal dispute is arriving close to shareholder decision points.

Market calendars tracked by Market Index flag ANZ’s AGM on 18/12/2025 and a dividend pay date on 19/12/2025. ^[9]

Separately, Reuters reported earlier this month that two major proxy advisory firms—ISS and CGI Glass Lewis—recommended shareholders vote against ANZ’s executive pay report at the AGM, arguing cuts could have been tougher given the scandals and consequences. ^[10]

So the setup is straightforward:

AGM (18 Dec): pay vote scrutiny is already elevated
Lawsuit (12 Dec news): pours gasoline on the topic
Board stance: “We followed the rules and we’ll defend this.”

Analyst outlook and price targets: what the consensus says right now

To keep this grounded, let’s stick to consensus rather than cherry-picking one bullish or bearish note.

According to Investing.com’s compiled analyst consensus for ANZ:

Consensus rating: “Neutral”
Analyst breakdown: 4 buy, 7 hold, 3 sell (14 analysts)
Average 12‑month price target:A$35.24357
High / low target range:A$40.4 / A$30 ^[11]

Two important interpretations (not predictions—just logic):

With ANZ closing around A$35.81, the average target is roughly in the same neighborhood, implying analysts (as a group) don’t see a screaming valuation gap at this moment. ^[12]
The wide high/low spread is your reminder that banks are macro-sensitive: margins, funding costs, housing credit quality, and regulatory headlines can all swing the story.

The fundamental backdrop: what’s underneath the headline noise

The lawsuit is the headline, but ANZ investors still trade the fundamentals—especially margins and costs.

From ANZ’s most recent full‑year reporting cycle covered by Reuters (published in November 2025), the bank faced margin pressure, with net interest margin cited at 1.55%, and the company flagged an expectation to cut total costs by 3% in the 2026 financial year. ^[13]

That’s the ongoing chessboard:

Can ANZ defend margins in a competitive home-loan and deposit market?
Can management simplify operations and lower costs without breaking service quality?
Can governance issues stop resurfacing like a horror-movie villain with infinite sequels?

“Before the market open” 13.12.2025: important reality check on timing

Here’s the slightly awkward calendar truth: 13 December 2025 is a Saturday. The ASX cash market doesn’t run a normal Saturday session.

CommSec summarises ASX normal trading as 10am to 4pm (Sydney time) on ASX business days. ^[14]
ASX also documents its market phases and indicates normal trading runs until 16:00 Sydney time, with opening occurring just before 10am via the opening auction process. ^[15]

So the practical takeaway: the “pre-open checklist” you’re building over the weekend is really for the next ASX business day session—not for Saturday.

The pre-open checklist: what to watch next for ANZ stock

Going into the next session, here are the things that can realistically move ANZ shares—ranked by “most likely to matter.”

1) Any new filings, statements, or timetable signals in the Elliott case

On 12 December, Elliott signaled he wants the earliest possible hearing, while ANZ said it will vigorously defend its position. If either side releases additional detail (or if reporting surfaces more about the contractual dispute), sentiment can shift quickly—especially around governance-focused funds. ^[16]

2) AGM momentum: proxy voting narrative and “two strikes” sensitivity

Proxy advisors urging a vote against the pay report adds pressure before the AGM. If more institutional investors publicly indicate how they’ll vote, or if additional governance commentary appears, that can become a near-term catalyst. ^[17]

3) Bank-sector tape: does the financials bounce hold?

Friday’s session saw financials stronger and the index broadly higher. If the sector continues to firm, ANZ can ride that current even if single-stock headlines persist. ^[18]

4) Dividend mechanics and investor positioning

ANZ’s next dividend pay date is flagged as 19 December 2025, while the ex-dividend date was 13 November 2025, meaning new buyers after the ex-date typically don’t receive that upcoming payment. This can shape short-term positioning and “who’s holding for what.” ^[19]

5) The bigger macro levers: rates, credit quality, and margin expectations

This is the slow-burn driver. ANZ’s cost and margin trajectory (and market expectations for the banking cycle) often matters more than a single legal headline once the first wave of attention fades. ^[20]

Bottom line

ANZ stock closed higher on 12.12.2025, ending at A$35.81 (+1.19%), but the more durable story after the bell is governance: former CEO Shayne Elliott’s lawsuit over A$13.5 million in cut bonuses, and ANZ’s firm response that it will defend the case under a remuneration framework tied to prudential risk standards. ^[21]

Analyst consensus currently sits around “Neutral,” with an average target near the current share price—so near-term moves are likely to be driven by headline flow into the AGM, plus broader bank-sector and macro sentiment. ^[22]

And yes: despite the “13.12.2025 pre-open” framing, Saturday isn’t an ASX trading day—so the real question is what new information hits the tape before the next ASX business-day open and whether it changes how institutions vote (or price risk) into the AGM. ^[23]