ANZNOTICE OF MEETING
2019 ANNUAL GENERAL MEETING

Contents
Time and location of the Annual General Meeting

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ANZ shareholder centre website

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2019 Annual Report3

Annual General Meeting agenda

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How business will be conducted at the meeting

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Notice of 2019 Annual General Meeting5

Explanatory notes

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Tuesday, 17 December 2019,10:00am (Brisbane Time)

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Time and locationof the Annual
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TIME AND LOCATION
OF THEANNUAL GENER AL
MEETING
Tuesday, 17 December 2019, 10:00am (Brisbane Time)

Plaza Ballroom, Plaza Level,
Brisbane Convention & Exhibition Centre,
corner Merivale and Glenelg Streets,
South Bank, Brisbane QLD 4101

BRISBANE CONVENTION& EXHIBITION CENTRE
Brisbane Convention & Exhibition Centre is located in the heartof Brisbane’s South Bank precinct, adjacent to the Brisbane River.
There is quick and easy access to and from the Centre by car, train,bus, taxi, ferry and on foot.

STARTING OUR MEETING ON TIME
Remember you will need some time on arrival to register for the
meeting. We’ll make every effort to do this as quickly as possible
but suggest arriving 20 - 30 minutes ahead of time to ensure you
have ample time to find your seat.
Brisbane Convention & Exhibition Centre

ACCESSIBILITY
We are committed to ensuring that our AGM is accessible andinclusive for all shareholders and guests:• The venue is wheelchair accessible and has a hearing loop
installed (please set your hearing aid to ‘T’ Telecoil);• AUSLAN interpreters will be present, and seats will be reservedin front of the interpreters;• The event will be live captioned, with monitors at the frontof the room displaying the captions, and these will also be
available to access on your own device. An event recording
will be made available after the event.
If you have any other accessibility requirements which would
help you to participate in the AGM, please let us know.

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ANZ 2019 NOTICE OF MEETING

MEETING SECURITY
The safety and comfort of our shareholders is important to ANZ andfor that reason security personnel will ask to inspect any large bags,
packages or backpacks etc prior to you entering the meeting proper.

IMPORTANT DATESAll times are given in Brisbane Time
(which is one hour behind Melbourne/
Sydney time at this time of year)
unless otherwise specified

15 DECEMBER 201910:00am (Brisbane Time)
Latest time for receipt ofproxy appointments

17 DECEMBER 201910:00am (Brisbane Time)
Annual General Meeting

TRANSPORT OPTIONSFERRYThe closest stop is the South Bank Ferry Terminal.
TAXI
A dedicated taxi rank is located at the main entrance of theCentre on the corner of Merivale and Glenelg Streets. Taxis arealso accessible in other locations in the South Bank precinct.
TRAIN
The closest stop is South Brisbane station – only a few minutes
walk away. If travelling from the airport, a regular Airtrain
service is in operation.
BUS
The Cultural Centre is the main hub for many bus routes, only
a few minutes walk away.
DRIVING
Parking areas can be accessed from Merivale, Melbourne
and Grey streets.

18 DECEMBER 20192019 Final Dividend Payment Date

ANZ SHAREHOLDER CENTRE WEBSITE
Shareholders are able to view information in the manner thatbest suits them on our website: anz.com/shareholdercentre.

2019 ANNUAL REPORTThe Annual Report provides detailed information on
the Group’s financial and non-financial performance,and complies with applicable regulatory requirements.
We also issue an Annual Review which is a summary
non-statutory document.
These documents are available at anz.com/annualreportor by calling the Share Registrar on 1800 11 33 99 (within
Australia) or (61 3) 9415 4010 (outside Australia) torequest a hard copy.

Annual Reportanz.com/annualreport3

ANNUAL GENERAL MEETING AGENDATUESDAY, 17 DECEMBER 2019
9:00amRegistration Opens

9:15amMorning Tea

10:00am• Annual General Meeting commences• Welcome to Shareholders – Chairman• Chief Executive Officer’s presentation• Items of Business

Please join the Chairman, David Gonski AC, the Directors and senior executivesof ANZ for refreshments after the Annual General Meeting

HOW BUSINESS WILL BE
CONDUCTED AT THE MEETING
The Annual General Meeting (the Meeting) is an important event
and we encourage shareholders to actively participate.

Shareholders who are unable to attend the Meeting or who prefer toregister questions in advance are invited to do so.

Important information about the conduct of the Meeting is
set out below.

A Questions from Shareholders Form has been included in the AGM
mailing and is also available on the website. We will attempt to address
as many of the more frequently asked questions as possible in the
Chairman’s and Chief Executive Officer’s presentations to the Meeting.

DISCUSSION AND ASKING QUESTIONS
Discussion will take place on all items of business that are put to the
Meeting – refer to the “Business” and “Explanatory Notes” sections
for further information relating to the items of business.
Shareholders as a whole will have a reasonable opportunity to ask
questions at the Annual General Meeting (including an opportunity
to ask questions of the Auditor).
To ensure that as many shareholders as possible have theopportunity to participate, shareholders are requested to observe
the following guidelines:• please keep questions as brief as possible and relevant to thematters being discussed;• if a shareholder has more than one question, please ask allquestions at the one time; and• shareholders should not ask questions at the Meeting that they
may have as an individual customer. These questions should betaken up with the ANZ representatives after the Meeting.

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ANZ 2019 NOTICE OF MEETING

A shareholder information stand will be available in the area outside
the Meeting room. In addition Directors and senior executives will
be available after the Meeting.

WEBCAST AND PHOTOGRAPHY
We have arranged for the Annual General Meeting to be filmed andbroadcast via a webcast which can be viewed at anz.com/agm.
After the Meeting you can also watch an archived recording on the
ANZ website.
We have arranged for photographs to be taken at the Meeting. If you
attend the Meeting in person, you may be included in photographs
or the webcast recording.
For the safety and security of all those present at the Meeting,cameras and recording devices are not permitted.

NOTICE OF 2019
ANNUAL GENER AL MEETING

Notice is given that the 51st Annual General Meeting of Australia and New Zealand
Banking Group Limited (the Company) will be held at:
Plaza Ballroom, Plaza Level at the Brisbane Convention & Exhibition Centre
corner Merivale and Glenelg Streets, South Bank, Brisbane QLD 4101
Tuesday, 17 December 2019 at 10:00am (Brisbane time).
BUSINESS
1. ANNUAL REPORTS
To consider the Annual Report, Financial Report and the Reports of the
Directors and of the Auditor for the year ended 30 September 2019.
There is no requirement for shareholders to approve these reports.

2.	E LECTION AND RE-ELECTION OF BOARD
ENDORSED CANDIDATES(a) TO ELECT MR P D O’SULLIVANMr Paul Dominic O’Sullivan, having been appointed by the Board
after the date of the 2018 Annual General Meeting, is retiring inaccordance with the Company’s Constitution and, being eligible,
offers himself for election as a Director.
(b) TO RE-ELECT MR G R LIEBELTMr Graeme Richard Liebelt is retiring in accordance with theCompany’s Constitution and, being eligible, offers himself for
re-election as a Director.
(c) TO RE-ELECT MS S J HALTON AO PSM
Ms Sarah Jane Halton is retiring in accordance with the Company’s
Constitution and, being eligible, offers herself for re-election asa Director.

3. ADOPTION OF THE REMUNERATION REPORT
To adopt the Remuneration Report for the year ended
30 September 2019.

The vote on this resolution is advisory only and does not bind theCompany. However, if at least 25% of the votes validly cast on theitem are against the resolution, it will constitute a ‘second strike’, andthe conditional spill resolution in item 4 will be put to shareholders
for their consideration and vote.

4. SPILL RESOLUTION (CONDITIONAL ITEM)
Condition for item 4: This resolution will only be put to the Meeting if at
least 25% of the votes validly cast on item 3 are against that resolution.
If you do not want a spill meeting to take place, you should vote ‘against’
item 4. If you want a spill meeting to take place, you should vote ‘for’
item 4.
That, subject to and conditional upon at least 25% of the votes
validly cast on the resolution to adopt the Remuneration Report for
the year ended 30 September 2019 being cast against the adoptionof the Report, that as required by the Corporations Act 2001 (Cth)(Corporations Act):(a)	An extraordinary general meeting of Australia and New Zealand
Banking Group Limited (the ‘spill meeting’) be held within 90
days of the passing of this resolution;(b)	All of the directors who were directors of Australia and New
Zealand Banking Group Limited when the resolution to makethe Directors’ Report for the year ended 30 September 2019
was passed (other than the Chief Executive Officer), and who
remain in office at the time of the spill meeting, cease to holdoffice immediately before the end of the spill meeting; and(c)	Resolutions to appoint persons to offices that will be vacatedimmediately before the end of the spill meeting be put to thevote at the spill meeting.
55. G RANT OF PERFORMANCE RIGHTSTO MR S C ELLIOTT
To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:“That, for the purposes of Listing Rule 10.14, sections 200B and 200E of
the Corporations Act 2001 (Cth) and for all other purposes, approvalis given for the Company to grant to the Company’s Chief Executive
Officer, Mr Shayne Elliott, Performance Rights under the ANZ Share
Option Plan on the terms set out in, and to provide Mr Elliott any or allof the benefits (including on cessation of employment) described in,
the Explanatory Notes to this Notice of Meeting.”

Subject to and conditional upon the resolution in item 6(Amendment to the Constitution) being passed as a special
resolution, to consider and, if thought fit, to pass the following
resolution as an ordinary resolution:“Shareholders request the company disclose in annual reporting from2020 strategies and targets to reduce exposure to fossil fuel (oil, gas,coal) assets in line with the climate goals of the Paris Agreement,
including the elimination of exposure to thermal coal in OECD
countries by no later than 2030.”

6. R ESOLUTION REQUISITIONED BY MEMBERS –AMENDMENT TO THE CONSTITUTION

The Board recommends that shareholders vote against item 7 for thereasons set out in the Explanatory Notes to this Notice of Meeting.
The Chairman of the Meeting intends to vote undirected proxies
against item 7.

The following proposed resolution has been requisitioned under
section 249N of the Corporations Act by a group of shareholders
holding approximately 0.01% of the Company’s ordinary shares on
issue. This resolution is not endorsed by the Board.

8.	R ESOLUTION REQUISITIONED BY MEMBERS– ORDINARY RESOLUTION ON LOBBYINGINCONSISTENT WITH THE GOALS OF THE
PARIS AGREEMENT (CONDITIONAL ITEM)

To consider and, if thought fit, to pass the following resolution as a
special resolution:

Condition for item 8: This resolution will only be put to the Meeting if at
least 75% of the votes validly cast on item 6 are for that resolution.

“Insert into the Constitution in clause 13 ‘Meetings of members’
the following new sub-clause 13.5A ‘Advisory resolutions’: “TheCompany in general meeting may by ordinary resolution express an
opinion or request information about the way in which a power of
the Company partially or exclusively vested in the Directors has beenor should be exercised. Such a resolution must relate to a material
risk identified by the Directors or the Company and cannot advocate
action that would violate any law or relate to any personal claim or
grievance. Such a resolution is advisory only and does not bind the
Directors or the Company.””

The following proposed resolution has been requisitioned under
section 249N of the Corporations Act by a group of shareholders
holding less than 0.01% of the Company’s ordinary shares on issue.
This resolution is not endorsed by the Board.

Note: for item 6 to be passed as a special resolution, at least 75%of the votes cast by shareholders entitled to vote on the resolution
must be in favour of the resolution. If item 6 is not passed, theChairman of the Meeting will not put the resolutions proposed in
items 7 or 8 to the Meeting.
The Board recommends that shareholders vote against item 6 for thereasons set out in the Explanatory Notes to this Notice of Meeting.
The Chairman of the Meeting intends to vote undirected proxies
against item 6.

7.	R ESOLUTION REQUISITIONED BY MEMBERS– TRANSITION PLANNING DISCLOSURE(CONDITIONAL ITEM)
Condition for item 7: This resolution will only be put to the Meeting if at
least 75% of the votes validly cast on item 6 are for that resolution.

Subject to and conditional upon the resolution in item 6(Amendment to the Constitution) being passed as a special
resolution, to consider and, if thought fit, to pass the following
resolution as an ordinary resolution:“Shareholders recommend that our company suspend membershipsof Industry Associations where:a.	a major function of the Industry Association is to undertake
lobbying, advertising and/or advocacy relating to climate and/or energy policy (Advocacy); andb.	the Industry Association’s record of Advocacy in the last three
years demonstrates, on balance, inconsistency with the Paris
Agreement’s goals.1
Nothing in this resolution should be read as limiting the Board’s
discretion to take decisions in the best interests of our company.”
The Board recommends that shareholders vote against item 8 for thereasons set out in the Explanatory Notes to this Notice of Meeting.
The Chairman of the Meeting intends to vote undirected proxies
against item 8.

The following proposed resolution has been requisitioned under
section 249N of the Corporations Act by a group of shareholders
holding approximately 0.01% of the Company’s ordinary shareson issue. This resolution is not endorsed by the Board.

1. “Lobbying positively in line with the Paris Agreement” is Principle 1 of the Investor Principles on Lobbying, set out in IIGCC’s European Investor Expectations on Corporate Lobbyingon Climate Change, October 2018. https://www.iigcc.org/download/investor-expectations-on-corporate-lobbying/?wpdmdl=1830&refresh=5d52233df01791565664061.

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ANZ 2019 NOTICE OF MEETINGVOTING RESTRICTIONSVOTING RESTRICTIONS FOR ITEM 3 (ADOPTION
OF THE REMUNERATION REPORT) AND ITEM 4(SPILL RESOLUTION (CONDITIONAL ITEM))
The Corporations Act restricts KMP and their closely related parties
from voting on the resolutions proposed in items 3 and 4. Closely
related party is defined in the Corporations Act and includes a
spouse, dependant and certain other close family members, aswell as any companies controlled by a member of the KMP.
Any votes cast in any capacity (e.g. as a shareholder, proxy or
corporate representative) on the proposed resolutions in items 3
and 4 by or on behalf of:• Directors and the other members of the KMP details of whose
remuneration are included in the Remuneration Report; and• closely related parties of those persons,will be disregarded.
In addition, any votes cast as a proxy on these items by any othermembers of the KMP (and their closely related parties) will also
be disregarded.
However, the Company will not disregard the votes as a result of
these restrictions if cast:• as proxy for a person entitled to vote, in accordance with adirection on the proxy form; or• by the Chairman of the Meeting as proxy for a person entitledto vote and the Chairman has received express authority to voteundirected proxies as the Chairman sees fit.
The Chairman of the Meeting intends to vote undirected proxies(where the Chairman has been appropriately authorised) in favourof item 3 and, if it is put to the Meeting, against item 4.

VOTING RESTRICTIONS FOR ITEM 5(GRANT OF PERFORMANCE RIGHTSTO MR S C ELLIOTT)
Item 5 is also a resolution connected directly with the remunerationof a member of the KMP (Mr Elliott).

The Chairman of the Meeting intends to vote undirected proxies(where the Chairman has been appropriately authorised) in favourof item 5.
If you do not wish the Chairman of the Meeting as your proxy tovote in favour of the resolutions in items 3 and 5 or (if it is put tothe Meeting) against the resolution in item 4, it is important thatyou complete the voting directions in respect of those items in
Step 2 of the Proxy Form.

ASSOCIATESThe Voting Restrictions for item 5 apply to “associates” of Mr
Elliott. The applicable definitions of “associate” are set out in the
Corporations Act and ASX Listing Rules. Shareholders who are“associates” subject to the Voting Restrictions and who intend toattend and cast a vote at the Meeting in person, should inform a
representative of the Company’s Share Registrar, Computershare, ofthat fact when they register at the Meeting.

QUESTIONS ON VOTING RESTRICTIONS
If shareholders (including nominees, custodians or fiduciaries)
have questions on the Voting Restrictions, they should contact
the Company’s Share Registrar, Computershare, on 1800 11 33 99(within Australia), 0800 174 007 (within New Zealand), 0870 702 0000
(within the United Kingdom) or (61 3) 9415 4010 (outside Australia).

ENTITLEMENT TO ATTEND AND VOTE
The Board has determined that, for the purposes of the Meeting(including voting at the Meeting) shareholders are those persons
who are the registered holders of the Company’s shares at 7:00pm(Sydney time), being 6:00pm (Brisbane time) on Sunday, 15
December 2019.
Holders of the Company’s ordinary shares may vote on all items ofbusiness, subject to the Voting Restrictions described previously.

UNDIRECTED PROXIESThe Chairman of the Meeting intends to vote undirected proxies(where he has been appropriately authorised, having regard to the
Voting Restrictions described previously) in favour of items 2, 3 and 5,
and against items 4, 6, 7 and 8 (where they are put to the Meeting).

In accordance with the ASX Listing Rules, any votes cast in any
capacity (e.g. as a shareholder, proxy or corporate representative) infavour of the proposed resolution in item 5 by Mr Elliott, or any of his
associates, will be disregarded.
In addition, a vote cast as a proxy on item 5 by members of the KMP
or their closely related parties will be disregarded.
However, the Company will not disregard a vote as a result of theserestrictions if it is cast:• by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or• by the Chairman of the Meeting as proxy for a person who isentitled to vote and the Chairman is expressly authorised to voteas the Chairman sees fit.

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VOTING BY PROXYVOTING BY ATTORNEY

A shareholder who is entitled to attend and cast a vote at the Meeting
may appoint a proxy. A proxy need not be a shareholder. A person
can appoint an individual or a body corporate as a proxy. If a body
corporate is appointed as a proxy, it must ensure that it appoints a
corporate representative in accordance with section 250D of the
Corporations Act to exercise its powers as proxy at the Meeting.

A shareholder may appoint an attorney to vote on his/her behalf.
For an appointment to be effective for the Meeting, the instrument
effecting the appointment (or a certified copy of it) must be received
by the Company at its registered office or one of the addresses listed
previously for the receipt of proxy appointments at least 48 hours
before the commencement of the Meeting.

A shareholder who is entitled to cast 2 or more votes may appoint up
to 2 proxies and may specify the proportion or number of votes eachproxy is appointed to exercise.

CORPORATE REPRESENTATIVES

The following addresses are specified for the purposes of receipt
of proxy appointments and any authorities under which proxyappointments are signed (or certified copies of those authorities):

Australia
ANZ Share Registrar
GPO Box 242
Melbourne
Victoria 3001
Australia
United Kingdom
ANZ Share Registrar
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
United Kingdom

ANZ Share Registrar
Yarra Falls
452 Johnston Street
Abbotsford
Victoria 3067 Australia
New Zealand
ANZ Share Registrar
Private Bag 92119
Auckland 1142
New Zealand

Proxy appointments and any authorities under which they are
signed (or certified copies of those authorities) may be sent by fax tofacsimile number 1800 783 447 (within Australia) or (61 3) 9473 2555
(outside Australia).
Shareholders may also submit their proxy instructions electronically to
the Company’s Share Registrar by visiting www.investorvote.com.au,
and Intermediary Online subscribers only (custodians) should visit
www.intermediaryonline.com.

To be effective, a proxy appointment and, if the proxy appointment
is signed by the shareholder’s attorney, the authority under which
the appointment is signed (or a certified copy of the authority)
must be received by the Company at least 48 hours before thecommencement of the Meeting.
For more information concerning the appointment of proxies andthe addresses to which Proxy Forms may be sent, please refer tothe Proxy Form.

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ANZ 2019 NOTICE OF MEETING

A body corporate which is a shareholder, or which has been
appointed as a proxy, may appoint an individual to act as its
representative at the Meeting. The appointment must comply
with the requirements of section 250D of the Corporations Act.
The representative should bring to the Meeting evidence of
his or her appointment, including any authority under which
it is signed, unless it has been given previously to the Company.
By Order of the Board

Simon Pordage
COMPANY SECRETARY

11 November 2019

EXPLANATORY NOTESBoard Recommendation: The Board (excluding Mr O’Sullivan becauseof his interest) endorses the election of Mr O’Sullivan as a Director.

ITEM 1
ANNUAL REPORTS

ITEM 2(B)A copy of the Company’s 2019 Annual Report, including the Financial
Report and the Reports of the Directors and of the Auditor for theyear ended 30 September 2019, can be found on the Company’s
website at anz.com/annualreport.
As a shareholder you may elect to receive by mail, free of charge, theCompany’s 2019 Annual Report (which includes detailed financial
statements and reports) or the 2019 Annual Review (a non-statutory
document covering key performance areas, financial information,
remuneration details and corporate responsibility). If you would likea hard copy of either document, please contact the Company’s Share
Registrar, Computershare.
The Company mails a copy of the Annual Report or the Annual
Review as applicable (when they are released each year) only tothose shareholders who have made an election to receive them.

TO RE-ELECT MR G R LIEBELTMr Graeme Richard Liebelt
BEc (Hons), FAICD, FTSE, FIML
Independent Non-Executive Director, appointed as a Director in
July 2013.
Graeme is the Chair of the Risk Committee and a member of the
Audit Committee, Human Resources Committee and Nomination
and Board Operations Committee.

CareerGraeme brings to the Board his experience of a 23 year executive
career with Orica Limited (including a period as Chief Executive
Officer), a global mining services company with operations in morethan 50 countries. He has extensive international experience anda strong record of achievement as a senior executive including instrategy development and implementation.

ITEM 2
ELECTION AND RE-ELECTION OF BOARD
ENDORSED CANDIDATESGraeme is committed to global trade and co-operation, as well as
community education.

The Board endorsed candidates standing for election and re-election
as Directors, and their details follow. Mr O’Sullivan having been
appointed by the Board after the date of the 2018 Annual General
Meeting, is retiring in accordance with the Company’s Constitution
and offers himself for election. Mr Liebelt and Ms Halton are retiringin accordance with the Company’s Constitution and offer themselves
for re-election.

Chairman: Amcor Limited (from 2013, Director from 2012).

Age: 65. Residence: Melbourne, Australia.

ITEM 2(A)TO ELECT MR P D O’SULLIVAN

Board Recommendation: The Board (excluding Mr Liebelt becauseof his interest) endorses the re-election of Mr Liebelt as a Director.

Mr Paul Dominic O’Sullivan
BA (Mod) Economics (Trinity College Dublin), Advanced
Management Program of Harvard

TO RE-ELECT MS S J HALTON AO PSM

Independent Non-Executive Director, joined the Board on 4
November 2019.
Paul is a member of the Nomination and Board Operations Committee.

CareerPaul has experience in the telecommunications, banking and oil
and gas sectors, both in Australia and overseas. He has held senior
executive roles with Singapore Telecommunications (Singtel) andwas previously the CEO of Optus. He has also held management roles
with the Colonial Group and the Royal Dutch Shell Group in Canada,
the Middle East, Australia and United Kingdom.
Relevant Other Directorships
Chairman: Singtel Optus Pty Limited (from 2014, Director from 2004)
and Western Sydney Airport Corporation (from 2017).
Director: Coca-Cola Amatil Limited (from 2017) and St Vincent’s
Health Australia (from 2019).
Board member: National Disability Insurance Agency (from 2017).

Relevant Former Directorships held in last three years, include

Relevant Other Directorships
Director: Australian Foundation Investment Company Limited(from 2012) and Carey Baptist Grammar School (from 2012).

Relevant Former Directorships held in last three years, include
Former Chairman: DuluxGroup Limited (2018-2019, Director from 2016).

ITEM 2(C)
Ms Sarah Jane Halton (Jane)BA (Hons) Psychology, FIML, FIPAA, NAM, Hon. FAAHMS, Hon.
FACHSE, Hon. DLitt (UNSW)
Independent Non-Executive Director, appointed as a Director in
October 2016.
Jane is Chair of the Digital Business and Technology Committee anda member of the Human Resources Committee, Ethics, Environment,
Social and Governance Committee and Nomination and Board
Operations Committee.

CareerJane’s 33 year career in the public service includes the positions ofSecretary of the Australian Department of Finance, Secretary of theAustralian Department of Health, Secretary for the Department of
Health and Ageing, and Executive Co-ordinator (Deputy Secretary) of
the Department of the Prime Minister and Cabinet. She brings to theBoard extensive experience in finance, insurance, risk management,
information technology, human resources, health and ageing andpublic policy. She also has significant international experience.

Former Director: Healthscope Limited (2016-2019).
Age: 59. Residence: Sydney, Australia.

9Jane has contributed extensively to community health throughlocal and international organisations including the World HealthOrganisation and National Aboriginal and Torres Strait Islander
Health Council.

Relevant Other Directorships
Chairman: Vault Systems (from 2017), Coalition for Epidemic
Preparedness Innovations (Norway) (from 2018, Member from 2016)
and Council on the Ageing Australia (from 2017).
Director: Clayton Utz (from 2017) and Crown Resorts Limited(from 2018).
Member: Executive Board of the Institute of Health Metrics and
Evaluation at the University of Washington (from 2007).
Adjunct Professor: University of Sydney and University of Canberra.
Council Member: Australian Strategic Policy Institute (from 2016).

Relevant Former Directorships held in last three years, include
Former Chairman: OECD Asian Senior Budget Officials Network(2014–2016).
Former Public Policy Fellow: ANU Crawford School of Public Policy(2012-2016).
Age: 59. Residence: Canberra, Australia.
Board Recommendation: The Board (excluding Ms Halton becauseof her interest) endorses the re-election of Ms Halton as a Director.

ITEM 3ADOPTION OF THE REMUNERATION REPORTAs required by the Corporations Act, the Board presents the
Remuneration Report to shareholders for consideration andadoption by a non-binding vote. The Remuneration Report contains:•	information about Board policy for determining the nature andamount of remuneration of the Company’s Directors and mostsenior executives;• a description of the relationship between the remuneration
policy and the Company’s performance; and• remuneration details for key management personnel (including the
Directors of the Company) for the period ended 30 September 2019.
The Remuneration Report, which is part of the 2019 Annual Report,
can be found on the Company’s website at anz.com/annualreport
or can be obtained by contacting the Company’s Share Registrar,
Computershare.
At last year’s Annual General Meeting, while approximately two thirdsof the shares voted supported our Remuneration Report, approximately
one third of the votes cast were against the resolution to adopt the 2018
Remuneration Report. This “against vote” of at least 25% constituted
what is referred to as a “first strike”. If a “second strike” is received atthe 2019 Annual General Meeting in relation to the adoption of thisyear’s Remuneration Report, the resolution in item 4 (Spill Resolution)
will be put to a vote in accordance with the Corporations Act.
Your Directors take shareholders’ concerns and feedback on
remuneration very seriously. Each year the Company consults
broadly to better understand the views of investors and otherstakeholders. In 2019, this resulted in a number of refinements
being made to the remuneration framework and to the variable
remuneration awarded to executives. These changes are outlinedin the Remuneration Report.
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ANZ 2019 NOTICE OF MEETING

Board Recommendation: The Board considers that the remuneration
policies adopted by the Company are appropriately structured
to provide rewards that are commensurate with the Company’s
performance and competitive with the external market. On this basis,the Board recommends that shareholders eligible to do so vote infavour of item 3.

ITEM 4SPILL RESOLUTION (CONDITIONAL ITEM)
The resolution in item 4 is a “conditional resolution”. It will be put tothe Meeting only if 25% or more of the votes validly cast on the
adoption of the Remuneration Report (item 3) are against the adoptionof the Report, i.e., if a “second strike” is received. A “first strike” wasreceived in relation to the adoption of last year’s Remuneration
Report, with a 33.76% vote against the adoption of that Report.
If the resolution in item 4 is put to the vote at the Annual General
Meeting and passed, then it will be necessary for the Board toconvene another general meeting of the Company (“Spill Meeting”)
within 90 days after the Annual General Meeting. At the Spill
Meeting, all the Directors of the Company who were in office whenthe Board resolution to approve the Company’s 2019 Directors’
Report was passed, other than the Company’s Managing Director,
Mr Elliott, will automatically vacate office at the conclusion of theSpill Meeting unless they stand for re-election and are re-elected at
the Spill Meeting. The Directors who were in office when the Board
resolution to approve the Company’s 2019 Directors’ Report was
passed (other than Mr Elliott) are:• Mr David Gonski AC• Ms Ilana Atlas• Ms Paula Dwyer• Ms Jane Halton AO PSM• The Right Hon Sir John Key, GNZM AC• Mr Graeme Liebelt• Mr John Macfarlane
If the resolution in item 4 is put to, and passed at, the 2019 Annual
General Meeting, Mr Liebelt and Ms Halton would need to be
re-elected at the Spill Meeting even if they are re-elected at the2019 Annual General Meeting. If Mr O’Sullivan, who became a
Director on 4 November 2019, is elected at the 2019 Annual General
Meeting, he would not be required to stand for re-election at theSpill Meeting, given he joined the Board after the approval of the2019 Directors’ Report.
Reasons why the Board recommends that shareholders vote against
item 4 if it is put to the Meeting
The Board considers the following factors to be relevant toshareholders’ decisions on how to vote on this item:• the Board and Management’s actions to address the concerns
expressed by shareholders in relation to remuneration issues,
including:–– increased and more effective disclosure in the 2019 Remuneration
Report in relation to the assessment of executive performance;–– significant differentiation in the remuneration awarded to our
executives in the 2019 Financial Year, reflecting different levelsof performance among our most senior leaders, as set out in the2019 Remuneration Report;

–– the implementation during the 2019 Financial Year of astrengthened Accountability and Consequence Framework toensure that meaningful consequences are applied to executives
and employees at all levels, where it is appropriate, for material
risk events, as set out in the 2019 Remuneration Report;–– the introduction of wide-ranging reforms to how ANZ pays
people below its Disclosed Executives, replacing individual
bonuses for the vast majority of employees with an incentive
based on the overall performance of the Group, as set out in
the Chief Executive’s Report within the 2019 Annual Report; and• the significant cost of, and disruption involved in, convening
and holding a Spill Meeting within 90 days of this Annual
General Meeting.
Board Recommendation: Having regard to the matters set out above,
the Board does not consider the proposed resolution to be in the bestinterests of the Company and its shareholders. Therefore, the Board
recommends that shareholders eligible to do so vote against item 4.

ITEM 5
GRANT OF PERFORMANCE RIGHTSTO MR S C ELLIOTT
As part of Mr Elliott’s Variable Remuneration the Company is asking
shareholders to approve the proposed grant of Performance Rights
to the Chief Executive Officer (CEO), Mr Shayne Elliott, under the ANZ
Share Option Plan on the terms and conditions set out below.
For the 2019 grant, Long Term Variable Remuneration (LTVR) will
be delivered as two tranches of Performance Rights with forward
looking performance hurdles where:• 75% will be measured against the Total Shareholder Return (TSR)of the Select Financial Services comparator group (Tranche 1); and• 25% will be measured against Absolute Compound Annual Growth
Rate (CAGR) TSR (Tranche 2).

At a glance:• Long Term Variable Remuneration (LTVR), in the form of
Performance Rights, with a current face value of A$4,200,000
at full vesting (A$2,100,000 at threshold vesting);• The Performance Rights will be granted in two tranches:–– for Tranche 1, the performance condition is based on ANZ’s TSR
performance compared against a set comparator group with nil
vesting below median, 50% vesting at median (i.e. threshold),and increasing to 100% vesting at the 75th percentile of therelevant comparator group;–– for Tranche 2, the performance condition is based on ANZ’s
Absolute CAGR TSR performance against targets as set by
the Board, with nil vesting below 8.5%, 50% vesting at
8.5% (threshold), and increasing to 100% vesting at 12.75%.
–– Performance is assessed at the end of a four-year performance
period (with no retesting).

In more detail:A Performance Right is a right to acquire an ordinary fully paid
share in the Company at nil cost (i.e. nil exercise price), subject tomeeting the applicable performance conditions. To the extent
the performance conditions are met, the relevant number of
Performance Rights will vest on the fourth anniversary of grant(Vesting Date). Upon vesting the Board will determine whether tosettle the Performance Rights with ANZ shares or by payment of acash equivalent amount.
Mr Elliott’s entitlement to the Performance Rights and to any shares/
cash equivalent payment will be subject to:• the Board’s on-going discretion to reduce (including to zero)
the number of Performance Rights if the Board considers such a
reduction to be necessary or appropriate (see further below); and• the rules concerning treatment on termination of employment or
on a change of control referred to below.
Mr Elliott will not be entitled to trade, transfer or otherwise deal in(including by entering into any hedging arrangements in respectof) any Performance Rights, or any entitlement to shares or cash
equivalent payment, prior to the Vesting Date.
If the Board determines to settle the Performance Rights in shareseach Performance Right entitles Mr Elliott to one ANZ ordinary share
which will rank equally with shares in the same class, subject to any
adjustments in accordance with the Listing Rules. Mr Elliott is not
required to pay any amount on grant of the Performance Rights,
nor on vesting. The Performance Rights form part of Mr Elliott’s“at risk” remuneration.
Performance Rights granted under the ANZ Share Option Plan do
not carry any dividend or voting rights.
If approval is obtained, it is the intention of the Board that the
Performance Rights will be granted to Mr Elliott on 17 December
2019 (but, in any event, not more than 12 months after the dateof this Annual General Meeting).

Grant value and calculation of the number of Performance
Rights to be granted
Using a face value allocation methodology, the number of
Performance Rights proposed to be granted to Mr Elliott will be
determined by dividing the face value of the grant (i.e. A$4,200,000)
by the Volume Weighted Average Price (VWAP) of the Company’s
ordinary shares traded on the ASX in the five trading days up to andincluding 22 November 2019, which is the start of the Performance
Period. The actual number of Performance Rights to be granted
is not known at this stage as it will depend on the VWAP at thestart of the Performance Period. Details of the actual number of
Performance Rights will be announced to the ASX and will also be
advised to shareholders at the 2019 Annual General Meeting.
The grant value will be split into two tranches of Performance Rights(75% Tranche 1 and 25% Tranche 2).
If, for example, the VWAP was A$26.50, then 118,867 Performance
Rights would be allocated to Mr Elliott for Tranche 1 and 39,622
Performance Rights for Tranche 2, summing to a total allocation of
158,489 Performance Rights.

11Performance conditions
Tranche 1
The Board has determined that the Performance Rights to be
granted to Mr Elliott (if approval is received) under Tranche 1 will
be subject to a TSR hurdle which ranks the TSR performance of theCompany with the TSR performance of the Select Financial Services
comparator group.
The Select Financial Services comparator group includes the
Bank of Queensland Limited, Bendigo and Adelaide Bank Limited,
Commonwealth Bank of Australia Limited, DBS Bank Limited, Macquarie
Group Limited, National Australia Bank Limited, Standard Chartered PLC,
Suncorp Group Limited and Westpac Banking Corporation.
Broadly, TSR is the growth in share price, plus the value of the dividends
and distributions on the relevant shares. The TSR is measured overa four year performance period starting on 22 November 2019 andending on 21 November 2023 (Performance Period). The proportionof the Tranche 1 Performance Rights that will become exercisable will
depend on the Company’s TSR relative to the TSR of the constituentsin the Comparator Group at the end of the Performance Period.
The level of performance required for each level of vesting, andthe percentage of Performance Rights that vest at each level of
performance, is set out in the table below. The Performance Rights
lapse if the applicable performance condition is not met. There is
no re-testing.
IF THE TSR OF THE COMPANYCOMPARED TO THE TSR OF
THE CONSTITUENTS OF THE
COMPARATOR GROUP:

THE PERCENTAGE OFPERFORMANCE RIGHTS
WHICH WILL VEST IS:

Does not reach the 50th percentile0%

Reaches or exceeds the50th percentile

50%, plus 2% for every one
percentile increase above
the 50th percentile

Reaches or exceeds the75th percentile

100%

Tranche 2
The Board has determined that the Performance Rights to be
granted to Mr Elliott (if approval is received) under Tranche 2 will be
subject to an Absolute CAGR TSR hurdle with targets outlined below.
The Absolute CAGR TSR is measured over the same four year
Performance Period that applies to Tranche 1. The proportion of
the Tranche 2 Performance Rights that will become exercisable will
depend upon the Company’s Absolute CAGR TSR at the end of the
Performance Period compared to the targets set by the Board.
The level of performance required for each level of vesting, andthe percentage of Performance Rights that vest at each level of
performance, is set out in the table below. The Performance Rights
lapse if the performance condition is not met. There is no re-testing.

The Board retains discretion to adjust the Absolute CAGR TSR hurdle
in exceptional circumstances to ensure that Mr Elliott is neither
advantaged nor disadvantaged by matters outside management’s
control that materially affect achievement of the Absolute CAGR TSR
performance condition.
IF THE ABSOLUTE COMPOUNDANNUAL GROWTH RATE TSR
OF THE COMPANY:

THE PERCENTAGE OFPERFORMANCE RIGHTS
WHICH WILL VEST IS:

Does not reach 8.5%0%Reaches 8.5%

50%

Exceeds 8.5% but does
not reach 12.75%

Progressive pro rata vesting
between 50% and 100%(on a straight line basis)

Reaches or exceeds 12.75%

100%

Board discretion
The Board also retains an on-going discretion to reduce (including
to zero) the number of Performance Rights granted to Mr Elliott, if
the Board considers such a reduction to be necessary or appropriate.
This discretion may be exercised, for example, where the Board
considers this is necessary to protect the financial soundness of ANZ,
to meet unexpected or unknown regulatory requirements or if theBoard subsequently considers that the grant was not justified.
Accordingly, before the scheduled release of any Performance Rights
the Board considers whether any malus/downward adjustment of
Performance Rights (or deferral of vesting for a further period or
periods) should be made.

Treatment on termination of employment
If:• Mr Elliott resigns prior to the vesting date the Performance Rights
will lapse;• Mr Elliott’s employment is terminated by the Company with notice,
except as set out below in relation to “good leaver” termination, allunvested Performance Rights as at the full notice termination date1
will lapse;• Mr Elliott’s employment is terminated by the Company for
misconduct with notice, all unvested Performance Rights will
lapse on cessation of employment. If Mr Elliott’s employment isterminated by the Company for serious misconduct without notice,
all Performance Rights will lapse (whether or not the Performance
Rights have vested), on cessation of employment; or• Mr Elliott ceases employment in circumstances of death or total
and permanent disability, the performance conditions will be
waived and all unvested Performance Rights will vest on cessation.
In certain circumstances termination may be classified by the
Board as a “good leaver” termination. In such case, unless the Board
determines otherwise, the number of any unvested Performance

1. Full notice termination date means the date of cessation of employment or, if later, the date on which cessation of employment would haveoccurred but for any payment made in lieu of notice.
12

ANZ 2019 NOTICE OF MEETING

Rights held by Mr Elliott will be adjusted pro-rata for the period
from the date of grant to the full notice termination date (with theremainder of the Performance Rights, representing the proportion of
the Performance Period from the full notice termination date to theend of the Performance Period, lapsing on cessation of employment)
and, where and to the extent the Board determines the applicable
performance condition is met, the relevant number of Performance
Rights will vest. On vesting, the Board may determine to settle therelevant Performance Rights with a cash equivalent payment, rather
than with shares.

Treatment on change of control
The Conditions of Grant will set out the treatment of the
Performance Rights on a change of control prior to the Vesting Date.
Where a change of control occurs, which includes a person acquiring
a relevant interest in at least 50% of the Company’s ordinary sharesas a result of a takeover bid, or other similar event, the applicable
performance conditions applying to the Performance Rights will
be tested and the Performance Rights will vest based on the extent
the performance conditions are satisfied. No pro rata reduction investing will occur, and vesting will only be determined by the extent
to which the relevant performance conditions are satisfied.
Any Performance Rights which vest based on satisfaction of theperformance conditions will vest at a time (being no later than
the final date on which the change of control event will occur)
determined by the Board.
Any Performance Rights which do not vest will lapse with effect fromthe date of the change of control event occurring, unless the Board
determines otherwise.

Other information
ANZ provides the following additional information in relation to the
proposed grant of Performance Rights to Mr Elliott.
The Chief Executive Officer (Mr Elliott) is the only Director entitledto participate in the ANZ Share Option Plan. No associate of any
Director is entitled to participate.
Mr Elliott was granted 110,365 Performance Rights on 19 December
2018 at no cost to him, as approved by shareholders at the 2018
Annual General Meeting.
There is no loan scheme in relation to the Performance Rights (or theshares underlying them).
For the settlement of the Performance Rights on vesting, shares
may be issued or acquired on market, or the Board may determine
to settle the Performance Rights with a cash equivalent amount.
Details of any shares issued under the ANZ Share Option Plan will be
published in the Company’s annual report for the relevant period.
Under section 200B of the Corporations Act, a company may only
give a person a benefit in connection with their ceasing to hold amanagerial or executive office in the company or a related body
corporate if it is approved by shareholders under section 200E oran exemption applies. Section 200B of the Corporations Act applies
to managerial or executive officers of the Company or any of its
subsidiaries, which includes Mr Elliott. The term “benefit” has a wide
operation and could include the early vesting of the Performance
Rights as contemplated above or otherwise under the ANZ Share
Option Plan.

Accordingly, shareholder approval is also sought for the purpose of
section 200E of the Corporations Act to allow vesting of Performance
Rights and settlement of them with shares or a cash equivalent
payment upon Mr Elliott ceasing employment, (as summarised
under “Treatment on termination of employment” above), including
where to do so would involve the giving of a “benefit” to Mr Elliott inconnection with him ceasing to hold a managerial or executive office.
The approval is sought in relation to the Performance Rights proposed
to be granted to Mr Elliott under item 5 in this Notice of Meeting.
The value of any benefit relating to the Performance Rights given inconnection with Mr Elliott ceasing to hold managerial or executive
office cannot presently be ascertained. However, matters, events andcircumstances that will, or are likely to, affect the calculation of thatvalue are:• the number of Performance Rights held by Mr Elliott prior to
cessation of employment;• the circumstances of or reasons for Mr Elliott’s cessationof employment (see “Treatment on termination of
employment” above);• the result of any pro rating on cessation of employment;• whether performance hurdles are waived or (if not waived) met,
and the number of Performance Rights that vest (which could be
all of the Performance Rights held by Mr Elliott);• whether the Performance Rights are settled in ANZ shares or by
payment of a cash equivalent amount; and• the market price of ANZ shares on ASX on the date shares areprovided to Mr Elliott upon vesting of the Performance Rights or,if the Board decides to settle the Performance Rights by paymentof a cash equivalent amount, in the five trading days up to (andincluding) the date of vesting.
The rules of the ANZ Share Option Plan address the impact of rights
issues and bonus issues on the Performance Rights.
A copy of the ANZ Share Option Plan rules is available on requestfrom the Company Secretary.
Board Recommendation: The Board considers that the proposed
granting of Performance Rights is appropriate and is in the bestinterests of the Company and its shareholders, as the grant
strengthens the alignment of Mr Elliott’s interests with shareholders,
and the Performance Rights provide a strong link between the
reward for Mr Elliott’s performance and total shareholder returns
over the next four year period.
The Board also considers that obtaining shareholder approval
to allow Performance Rights to vest upon Mr Elliott ceasing
employment in accordance with the Conditions of Grant, as
described above, is appropriate and in the best interests of theCompany and its shareholders. It will provide the Company withthe ability to ensure its ongoing compliance with section 200Bof the Corporations Act and with the Conditions of Grant for the
Performance Rights.
Accordingly, the Board (excluding Mr Elliott because of his interest)
recommends that shareholders eligible to do so vote in favour of item 5.

13

ITEM 6RESOLUTION REQUISITIONED BY MEMBERS –AMENDMENT TO THE CONSTITUTION(NON-BOARD ENDORSED ITEM)
A group of shareholders holding approximately 0.01% of theCompany’s ordinary shares on issue has proposed resolutions under
section 249N of the Corporations Act. The Company has included
those proposed resolutions as items 6 and 7 in this Notice of Meeting.
Another group of shareholders holding less than 0.01% of theCompany’s ordinary shares on issue has also proposed a resolution
under section 249N of the Corporations Act. The Company has
included that proposed resolution as item 8 in this Notice of Meeting.
These resolutions are not endorsed by the Board.
The same groups of shareholders have also requested, under section
249P of the Corporations Act, that the Company provides statements
prepared by them to shareholders about these proposed resolutions.
The statements can be found in the Appendix to this Notice of Meeting.

Board Recommendation: Having regard to the matters set out above,
the Board does not consider the proposed resolution to be in thebest interests of the Company and its shareholders. Therefore, theBoard recommends that shareholders vote against item 6.

ITEM 7RESOLUTION REQUISITIONED BY MEMBERS –TRANSITION PLANNING DISCLOSURE(CONDITIONAL , NON-BOARD ENDORSED ITEM)
The same group of shareholders that proposed the resolution in item
6 has also proposed the resolution in item 7 in this Notice of Meeting.
The resolution is an advisory resolution.
The resolution is not endorsed by the Board.

By including these statements in this Notice of Meeting, theCompany does not make any representations as to the truth or
accuracy of their contents and disclaims all liability for them.

The resolution in item 7 will be proposed to the Meeting only if theresolution in item 6 is passed by the requisite majority.

Reasons why the Board recommends that shareholders voteagainst item 6

Reasons why the Board recommends that shareholders vote against
item 7 if it is put to the Meeting

The resolution in item 6 is a proposal to amend the Company’s
Constitution to enable shareholders in general meeting, by nonbinding advisory resolution, to express an opinion or request
information about the way in which a power of the Company
partially or exclusively vested in the Directors has been or should
be exercised if the matter relates to a material risk identified by the
Directors or the Company. The resolution in item 6 is proposed as a
special resolution and, to be carried, must be passed by at least 75%of the votes cast by shareholders entitled to vote on the resolution.

Commitment to supporting energy transition

The Board respects the rights of shareholders. It does not, however,consider it appropriate to change the Constitution to allow interest
groups to promote their various ideological positions in thisway, which by law they would not be able to without the change.
Shareholders have a number of existing ways in which they can
engage with the Company including by asking or submitting
questions at general meetings, by distributing members’ statements
under the Corporations Act and by choosing whether to support
the election of Directors and other resolutions posed at general
meetings. The Company also has a variety of existing avenues
whereby it seeks robust discussion and can gauge differing opinions,
including through regular engagement with retail and institutional
shareholders. Such constructive engagement gives the Company
important insights into perspectives on the Company’s operations.
In addition, the statement provided in support of this resolution refers
to differences between shareholder rights in Australia and those insome other countries. The Board’s view is that if people believe sucha change to allow non-binding advisory resolutions is desirable, theappropriate mechanism to effect it is for them to engage with theAustralian Government to seek to legislate the change rather than toseek to change the Constitution of individual companies.

14

Under the law and the Company’s Constitution, it is the Board’s
responsibility to manage the business of the Company. The Board
believes it would be inappropriate to allow interest groups topotentially qualify or compromise its stewardship. If shareholders
disagree with the direction the Company is taking, other options are
already available to them, as set out above.

ANZ 2019 NOTICE OF MEETING

ANZ acknowledges the Paris Agreement aim of holding the increasein global average temperature to well below 2°C above pre-industrial
levels and of pursuing efforts towards limiting it to 1.5°C.
The transition required is enormous and will require all stakeholders
to seek to carefully balance the environmental, social and economic
issues in a manner which is acceptable to Australians.
Your Board is committed to ensuring that ANZ continues to bea responsible and sustainable business that is playing its part tosupport and facilitate this transition to a low carbon economy.
This is evidenced in our reporting of our strategies and targets toover time reduce our exposure to carbon intensive sectors while
increasing support for lower-carbon energy. Our direct financing
of renewables projects has increased almost 30% over the last year.
Renewable energy is now over 80% of our electricity generation
lending in our project finance portfolio.
Since 2015 when ANZ confirmed its support for the 2°C goal, ANZ has
reviewed its commitments to take account of market developments
and government pledges to reduce emissions. The Board
understands greater ambition must be balanced with the need forreliable, efficient and affordable energy.
Australia moving towards a lower-carbon future
Australia is making the shift to lower carbon energy sources,
principally renewables and gas, but this transformation will take time.
Coal currently provides about 60% of Australia’s energy needs. To
achieve the goals of the Paris Agreement it is critical to shift to more
renewable and low carbon sources of energy. Natural gas has a vitalrole to play in this shift. For natural gas to fulfil its role as a transition
fuel, resource development, additional pipeline capacity and market
integration are critical.

How ANZ is working with its business customers

Transition challenges

ANZ expects and has worked with its business customers toencourage them to consider building climate change mitigation andadaptation risk into their business strategies and establish plans to
support the transition. ANZ is taking a number of specific actions tomanage its long-term carbon risks and opportunities and to support
the below 2°C goal. These include the following:Your Board understands that some of ANZ’s stakeholders view ourfinancing of fossil fuel industries as a material risk and in directconflict with our stated position on the need to reduce greenhousegas emissions.

• ANZ is supporting its customers to transition to a low carbon
economy, for example, by:–– providing finance and advisory services for energy efficiency
improvements, low carbon energy generation, resilient
infrastructure and carbon abatement;–– contributing directly to investment in the development of low
or zero emissions industries, technologies and practices through‘green’ bonds;–– encouraging the development of new industries and businessmodels, and supporting innovative solutions from small andlarge business customers;• ANZ is engaging constructively and transparently withstakeholders. Among other things, ANZ:–– identifies, assesses and manages climate-related financial risks
and provides clear, decision useful disclosures for our investors
using the Financial Stability Board’s Climate related Financial
Disclosures Taskforce (TCFD) recommendations;–– provides regular updates on our progress in our externalreporting, including disclosing ANZ’s financing of sectors most
exposed to the physical and transition risks of climate change; and–– is participating in a pilot project on implementing the TCFD
recommendations for banks, an initiative to develop methods
to enable scenario-based, forward-looking assessment anddisclosure of climate-related risks and opportunities. The
initiative is led by the United Nations Environment Programme
Finance Initiative.
Disclosure
ANZ is among the sector’s carbon reporting leaders, each year
expanding and improving disclosure.
ANZ was the first Australian bank to report under the TCFD.
The TCFD included ANZ as a case study in its 2018 status
update, noting the bank as “an early supporter of the TCFD
recommendations”.

We understand this and confirm that we have taken action to act
on this concern. Specifically, we point to the halving of our thermal
coal exposure within the last five years. However, as Australia moves
gradually to rebalance its energy mix other sources of energy musttake its place. This will include renewables, to which we have asignificant and growing exposure, and gas.
It is our considered view that reducing our exposure to gas, as issought by the resolution, would potentially contribute to a decline
in Australia’s energy security. Variable energy sources like windand solar power need to be complemented by reliable alternatives,
particularly amid extreme weather events.
Social transition risk
As noted above, around 60% of Australia’s electricity currently comesfrom coal-fired power stations, and many communities, particularly
in regional areas, are reliant on the coal industry for employment.
Coal remains one of Australia’s leading exports. ANZ believes that all
stakeholders in the transition to lower emissions should give carefulconsideration to the impacts on affected communities. Power prices inAustralia have increased significantly in recent years due to a range offactors. This has added to cost of living pressures faced by businesses
and consumers. Employment opportunities have been created by thetransition but some communities, particularly in regional areas reliant
on the coal industry for employment, will suffer significant social andeconomic costs if the transition is not managed appropriately.
In seeking to support the shift to a low carbon economy, ANZ
intends to do so in a manner that supports new economic
opportunities and helps people and communities thrive. We are
keen to ensure that the risk of any sudden shocks are minimised andthat communities are not “left behind”.
This is one of the reasons ANZ is seeking long term, publicly available
transition plans from our major emitting customers. This will help
communities and governments anticipate and adjust to change overtime. ANZ expects its customers with large coal-fired power plants toprovide at least three years’ advance notice of closures and engage
with all their stakeholders to minimise the impact on their workers,
local communities and downstream energy users.

Investor groups and the leading global environment, social andgovernance (ESG) assessment have found your bank to be:• an ASX ESG reporting leader: the Australian Council ofSuperannuation Investors 2019;• “industry best” on climate strategy, with three others within our
sector globally: Dow Jones Sustainability Index 2019; and• sole Australian bank to have achieved “Leadership” ranking in the2018 Carbon Disclosure Project, the benchmark assessment ofcorporate carbon management.

15

Our commitments
Therefore, ANZ supports and commits to its continued involvementin customer, community and government efforts to help ensure anorderly and just transition. To facilitate this ANZ has committed to:• funding and facilitating at least $15 billion by 2020 towards
environmentally sustainable solutions for our customers, including
initiatives that help lower carbon emissions, e.g. increased energy
efficiency in industry, low emissions transport, green buildings,
reforestation, renewable energy and battery storage, emerging
technologies (such as carbon capture and storage) and climatechange adaptation measures. This target has been met early in2019 with over $19 billion achieved to date, and we are in theprocess of setting a new target for 2020 and beyond;• encouraging and supporting 100 of our largest emitting
customers in the energy, transport, buildings and food, beverage
and agricultural sectors to establish or where appropriate,
strengthen existing low carbon transition plans by 2021. Work has
already begun with engagement with 29 customers this year anddesktop research has been completed on a further 55 customers.
ANZ will also encourage customers that have coal-fired generation
assets to work towards setting medium and long-term emission
reduction targets up to 2050 that contribute towards achieving a‘less than 2˚C target’;• reduce exposure to thermal coal, including by only lending to
new customers where their thermal coal operations are less thanhalf their revenue, installed capacity or generation. Our thermal
coal mining exposures have halved since 2015 and will continue
to reduce;• providing incentives for customers to reduce emissions, such as
facilitating, in partnership with government, concessional loans
for corporate and agribusiness customers to buy energy-efficientequipment. In 2019, ANZ announced an additional $100 million
commitment to the ANZ/CEFC Energy Efficient Asset Finance
Program, taking our total commitment to $250 million since
December 2017;• only considering financing the construction of new large-scale
office buildings which achieve or exceed a NABERS1 4.5 star
standard (or equivalent international rating) ‘as designed’;• only considering financing new coal-fired power plants if they
use advanced technologies and higher quality thermal coal tosignificantly reduce emissions to 0.8 tC02/MWh or less. ANZ will not
finance any new build of conventional2 coal fired power plants; and• continuing to implement strengthened due diligence processes
which govern our lending to thermal coal mining, transportationand power generation.

In 2020/21 we will seek to enhance our response to climate-relatedrisks and opportunities through measures such as:• stress testing of selected portfolios. For example, we havecompleted an analysis of flood-related risks for our home loan
portfolio in a major regional location of Australia and a test-pilotof socio-economic indicators showing financial resilience ofhome loan customers with respect to flood risk. We will consider
extending that scenario analysis to incorporate bushfire, flood andother risks relating to retail customers;• including climate risk in agriculture-related lending guidance
documents used by our front line bankers;• continuing to encourage customers to develop and disclose theirtransition plans in key sectors - energy, transport, buildings andagribusiness, and considering how to integrate that work into
customer and portfolio assessments;• replacing our current target of $15 billion being directed towards
environmentally sustainable solutions by 2020, with a new goal to2025; and• achieving our target to procure 100% renewable energy for ouroperations by 2025.
How we are placedYour Board does not believe that ANZ is being left behind, nor doesit believe that ANZ is unnecessarily exposing itself or shareholders totransitional climate risk.
Your Board considers ANZ’s approach of supporting an orderly andjust transition is in the best interests of the Company as a whole.
Based on the above and with specific regard to what this resolution
is asking for, ANZ believes that:• it already makes significant disclosures regarding its strategies toreduce exposure to coal; and• at this point in time, it is not appropriate to put in place a binding
commitment to reduce gas and oil exposure owing to the fact thatgas in particular will play a critical role in the transition to a low
carbon economy. Rather, each opportunity will be evaluated andconsidered on its individual merits. As the facts and circumstanceschange, so too will ANZ’s approach and commitments. Our
reporting on our fossil fuel exposure will continue and be
expanded over time.
Board recommendation: Having regard to the matters set out above,
the Board does not consider the proposed resolution to be in the bestinterests of the Company and its shareholders. Therefore, the Board
recommends that shareholders eligible to do so vote against item 7.

1. NABERS (National Australian Built Environment Rating System) is a rating system measuring the environmental performance of Australian buildings, tenancies and homes,
e.g. energy efficiency, water usage, waste management and indoor environment quality.
2. “Conventional” plants are those plants not utilising advanced, commercially proven technologies (such as supercritical or ultra-supercritical boilers, gasification or circulating
fluidised boilers) to significantly reduce CO2 emissions.
16

ANZ 2019 NOTICE OF MEETINGITEM 8RESOLUTION REQUISITIONED BY MEMBERS –ORDINARY RESOLUTION ON LOBBYINGINCONSISTENT WITH THE GOALS OF THE PARISAGREEMENT (CONDITIONAL , NON-BOARD
ENDORSED ITEM)
A group of shareholders has proposed the resolution in item 8 in thisNotice of Meeting. The resolution is an advisory resolution.
The resolution is not endorsed by the Board.
The resolution in item 8 will be proposed to the Meeting only if theresolution in item 6 is passed by the requisite majority.
Reasons why the Board recommends that shareholders vote against
item 8 if it is put to the Meeting
ANZ is a member of a number of industry associations. In 2019 key
memberships relevant to the subject matter of this resolution included:• Australian Banking Association• Business Council of Australia• Carbon Markets Institute• Clean Energy Council• Energy Efficient Council
We work in a collaborative and open way as members of associations
that have similar interests and approaches to ours.
Your Board understands that ANZ’s stakeholders are interested in
the position ANZ takes on issues such as data security, privacy andclimate change, and our membership of industry associations thatdevelop policies and undertake advocacy on these issues.
Some associations have broad memberships, such as the BusinessCouncil of Australia, and develop policy agendas on a wide variety
of issues, such as tax, education, business regulation, climatechange and energy. ANZ believes that industry associations havethe capacity to play a key role in advancing the development ofstandards, best practices and constructive policy that are of benefit
to members, the economy and society. Membership provides ANZ
with the ability to lead, influence and strengthen public policy
in relation to various issues. The broader benefits that industry
associations can provide need to be borne in mind.
Your Board understands it is not possible for industry associations to
obtain a consensus on every issue. There is sometimes disagreement
amongst members about the final positions taken by industry
associations. We place high importance on the ability to holdconstructive dialogue within an association’s membership and we
expect industry associations to be receptive to member feedback
regarding their lobbying or advocacy approaches.
It is also important to note that industry associations do not
represent the views of any single member. On some issues ANZ
will communicate its views directly, through submissions, media
comment, speeches by senior executives at industry forums andpublic reports. From time to time, we may take positions on certain
matters not supported by the relevant industry association. For
example, ANZ was the first major bank to support a “last resort”
compensation scheme for victims of misconduct. Such a scheme isnow public policy.

ANZ’s position on climate change seeks to support the shift to a low
carbon economy and, as explained above (see item 7), ANZ intends
to do so in a way that helps provide new economic opportunities
and helps people and communities thrive - to help ensure anorderly and just transition. Your Board believes that, in many ways,
ANZ’s commitments are more ambitious than those of some of theindustry associations of which ANZ is a member. Over time, however,
ANZ will advocate its position within these associations with theobjective of achieving greater alignment.
Board Recommendation: Having regard to the matters set out above,
the Board does not consider the proposed resolution to be in thebest interests of the Company and its shareholders. Therefore, theBoard recommends that shareholders vote against item 8.

APPENDIX – SUPPORTING STATEMENTSPROVIDED BY MARKET FORCES AND
THE AUSTRALASIAN CENTRE FORCORPORATE RESPONSIBILITY (ACCR)
The statements which follow for items 6 and 7 were provided byMarket Forces. The statement which follows for item 8 was provided
by ACCR. These statements are not endorsed by the Board. The
Board recommends that shareholders vote against item 6 and, if put
to the Meeting, items 7 and 8.

ITEM 6AMENDMENT TO THE CONSTITUTION
Shareholder resolutions are a healthy part of corporate democracy
in many jurisdictions other than Australia. For example, in the UK
shareholders can consider resolutions seeking to explicitly direct
the conduct of the board. In the US, New Zealand and Canada
shareholders can consider resolutions seeking to advise their board
as to how it should act. As a matter of practice, typically, unless theboard permits it, Australian shareholders cannot follow the exampleof their UK, US, New Zealand or Canadian cousins in this respect.
A board of Directors is a steward for shareholders and accountability
for the discharge of that stewardship is essential to long-term
corporate prosperity.
In rare situations the appropriate course of action for shareholders
dissatisfied with the conduct of board members is to seek to remove
them. But in many situations such a personality-focused approach is
unproductive and unwarranted. In those situations a better course ofaction is to formally and publicly allow shareholders the opportunity
at shareholder meetings such as the AGM to alert board membersthat the shareholders seek more information or favour a particularapproach to corporate policy.
The Constitution of ANZ is not conducive to the right of shareholders
to place resolutions on the agenda of a shareholder meeting.
In our view, this is contrary to the long-term interests of ANZ, theANZ board and all ANZ shareholders.
Passage of this resolution - to amend the ANZ constitution - will
simply put the company in a similar position in regard to shareholder
resolutions as any listed company in the UK, US, Canada or New Zealand.
We encourage shareholders to vote in favour of this resolution.

17

ITEM 7
TRANSITION PLANNING DISCLOSURE
Despite committing to support the climate goals of the Paris
Agreement, ANZ has failed to align its lending practices or policies
with these goals.
ANZ must disclose strategies and targets to reduce exposure to fossil
fuels in line with the climate goals of the Paris Agreement, or risk
exposing itself and shareholders to needless transitional climate risk.

ANZ being left behind
Signed by 197 nations, the Paris Agreement aims to limit “theincrease in the global average temperature to well below 2°C above
pre-industrial levels and pursuing efforts to limit the temperature
increase to 1.5°C.”1
Major financial institutions have called for action to reduce
emissions in line with the Paris climate goals, including the phaseout of coal power in OECD countries by 2030. Signed by 515
investors representing over US$35 trillion in assets, the Global
Investor Statement to Governments on Climate Change requests
governments “phase out thermal coal power worldwide by set
deadlines.”2 Its accompanying Briefing Paper clarifies these deadlines,
including the elimination of coal power in OECD countries by no later
than 2030.3
Commonwealth Bank has committed to “reduce our exposures tothermal coal mining and coal fired power generation, with the viewto exiting the sector by 2030.”4 Similarly, QBE will no longer insure
new thermal coal projects, and will phase out all direct insurance
services to thermal coal customers by 2030.5
A Paris-aligned energy transition also requires significant declines inoil and gas use. The IPCC’s Special Report on Global Warming of 1.5°C
demonstrates that the role of gas for primary energy must decline
globally by 25% by 2030 (from a 2010 baseline), with oil’s role inprimary energy falling 37% over the same time frame.6

ANZ’s current activities
Despite the rapid declines in fossil fuel use required for a Parisaligned transition, our company’s loan book fails to reflect this trend.
ANZ has repeatedly stated it expects its coal exposure to decline
moving forward.7, 8 However, our company’s reported exposure atdefault (EAD) to coal mining increased by 27% from $1.1 billion to$1.4 billion over FY17-18 and a further 7% to $1.5 billion over FY181H19. ANZ’s reported EAD to oil and gas has increased each year
since FY16; from $17.7 billion in FY16, to $18 billion in FY17, to $18.4
billion in FY18.9
ANZ also continues to finance the expansion of the fossil fuelindustry. In July 2018, ANZ loaned $150 million to Senex Energy “tofund expansionary capital expenditure across its Surat Basin andCooper Basin oil and gas acreage.”10 In December 2017, ANZ provided
a loan for the development of a new gas field in Sumatra, Indonesia.
The estimated lifetime C02 emissions of this gas field are 295 million
tonnes,11 equivalent to 55% of Australia’s annual emissions.12
ANZ also lends against the balance sheets of companies suchas Whitehaven Coal and Woodside Petroleum, whose plans tosignificantly increase fossil fuel production are entirely inconsistent
with the Paris climate goals. Whitehaven justifies its expansion plans
with energy demand projections that are consistent with 3°C ofwarming by 2100,13 while Woodside’s capital expenditure plans
have been found to be incompatible with a Paris-aligned
warming outcome.14

Financial risks and regulatory scrutiny
In June 2017, the Task Force for Climate-related Financial Disclosures(TCFD) published its final recommendations, designed to allow
investors to “appropriately assess and price climate-related risk
and opportunities.”15
Recognising “Banks are exposed to climate-related risks andopportunities through their lending and other financial
intermediary activities as well as through their own operations,”
the TCFD recommends:
Banks should provide the metrics used to assess the impact of (transitionand physical) climate-related risks on their lending and other financial
intermediary business activities in the short, medium, and long term.16
The TCFD also states: “Organizations should describe their key
climate-related targets ... in line with anticipated regulatory
requirements or market constraints or other goals.”

1. https://unfccc.int/sites/default/files/english_paris_agreement.pdf, art 2(1)(a)2. https://theinvestoragenda.org/focus-areas/policy-advocacy/
3. https://theinvestoragenda.org/wp-content/uploads/2018/05/GISGCC-briefing-paper-FlNAL.pdf
4. https://www.commbank.com.au/content/dam/commbank/about-us/download-printed-forms/environment-and-social-framework.pdf
5. http://qbe.com/media-centre/qbe-group-energy-policy
6. https://www.ipcc.ch/sr15/
7. https://www.marketforces.org.au/anz-doesnt-intend-for-coal-lending-to-increase
8. https://www.marketforces.org.au/anz-not-living-up-to-its-commitments
9. https://www.anz.com/content/dam/anzcom/shareholder/anzfy18_results_presentation_and_idp_final_ website.pdf (slide 136)
10. https://www.senexenergy.com.au/wp-content/uploads/2018/10/2018.10.29-Financial-Close-of-Debt-Facility.pdf
11. https://www.marketforces.org.au/campaigns/banks-new/twodegrees/
12. https://www.environment.gov.au/climate-change/climate-science-data/greenhouse-gas-measurement/publications/quarterly-update-australias-nggi-mar-2019
13. http://www.whitehavencoal.com.au/wp-content/uploads/2018/09/WVN_224754_AnnuaI-Report-2018_LR_FA-3.pdf
14. https://www.carbontracker.org/wp-content/uploads/2019/09/CTI_Breaking_the_Habit_Report_6.pdf
15. https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-TCFD-Report-062817.pdf
16. https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-TCFD-Annex-062817.pdf

18

ANZ 2019 NOTICE OF MEETINGANZ welcomed the TCFD recommendations in 2017.17 However, after
two years, shareholders have been provided with only superficial
information. Our company has disclosed no quantitative evaluationof its loan book exposure to climate change transition risks, nor any
targets to demonstrate management of these risks.18 ANZ is fallingbehind competitors like Commonwealth Bank, which has been
disclosing measurable risks for two reporting cycles.
Adoption of this resolution would ensure ANZ discloses metrics andtargets to demonstrate effective management of financial climatechange transition risks, in line with the TCFD recommendations andpreviously stated investor expectations.
Australian regulators have been calling for robust climate risk
management from financial institutions. APRA has warned “Someclimate risks are distinctly ‘financial’ in nature. Many of these risks areforeseeable, material and actionable now.”19 APRA Executive Board
Member Geoff Summerhayes has since said: “APRA wants to see
continuous improvement in how organisations disclose and manage
these [climate] risks over coming years.”20
ASIC in September 2018 stated: “Climate change is a foreseeablerisk facing many listed companies ... Directors and officers of listedcompanies need to understand and continually reassess existing andemerging risks (including climate risk) that may affect the company’sbusiness. This extends to both short-term and long-term risks.”21
It has also been found that the OECD Guidelines for Multinational
Enterprises (which ANZ is subject to) require banks to formulate
concrete climate goals for their financial services.22

Investor support required
Despite its stated support for the Paris Agreement, ANZ remains anactive investor in an expanding fossil fuel sector, further exposing
shareholders to financial risks associated with the economictransition required to meet the Paris climate goals.
We urge shareholders to vote in favour of this resolution, and expect
the many institutional investors already outspoken on this issue tooffer their support.

ITEM 8ORDINARY RESOLUTION ON LOBBYINGINCONSISTENT WITH THE GOALS OF THE
PARIS AGREEMENT
The Australasian Centre for Corporate Responsibility (ACCR) supports
our company’s commitment to the goals of the Paris Agreement(Paris Goals). However, meeting the Paris Goals requires public
policy support. Lobbying by industry associations against public
policy designed to meet the Paris Goals is therefore of increasing
concern to investors worldwide.23 The activities of our company’s
industry associations in Australia, a key jurisdiction for our company,
conflict with the prospect of policy supportive the Paris Goals being
implemented, counter to our company’s stated policies and longterm financial and strategic interests.
ACCR acknowledges the commitments our company has made to
reduce its own emissions and those of its customers, including but
not limited to:–– Source 100% renewable electricity by 202524;–– Fund and facilitate at least $15 billion by 2020 towards
environmentally sustainable solutions for our customers25;–– Support 100 of our largest emitting customers to strengthen
existing low carbon transition plans, by 202126.
However, our company is a member of one of the most influential
industry associations opposing effective climate policy in Australia,
the Business Council of Australia (BCA).
Despite cosmetic support for the Paris Agreement, in the last three
years, the BCA has:–– called for new investment in existing coal-fired power stations27;–– supported the use of Kyoto carryover credits which will weaken
Australia’s 2030 emissions reduction target from 26-28% (by2030) to approximately 15%28;–– during the 2019 Federal election, claimed that the ALP’s 45%
emissions reduction target would inhibit economic growth29;–– stated that more ambitious emissions reduction targets would
lead to “deindustrialisation”30;

17. https://www.anz.com.au/about-us/sustainability-framework/environmental-sustainability/climate-change/
18. https://www.anz.com/content/dam/anzcom/shareholder/anz_2018_annual_review_final.pdf
19. https://www.apra.gov.au/media-centre/speeches/australias-new-horizon-climate-change-challenges-and-prudential-risk
20. https://www.apra.gov.au/media-centre/media-releases/apra-step-scrutiny-climate-risks-after-releasing-survey-results
21. https://download.asic.gov.au/media/4871341/rep593-published-20-september-2018.pdf
22. https://www.oecdguidelines.nl/documents/publication/2019/04/19/ncp-final-statement-4-ngos-vs-ing
23. IIGCC, European Investor Expectations on Corporate Lobbying on Climate Change, October 2018.
https://www.iigcc.org/download/investor-expectations-on-corporate-lobbying/?wpdmdl=1830&refresh=5d52233df01791565664061
24. http://there100.org/news/tag/Climate%20Week%20NYC
25. https://www.anz.com.au/about-us/sustainability-framework/environmental-sustainability
26. ibid.
27. https://www.youtube.com/watch?v=hIij_Ky_mlA [at 9:00]
28. https://www.smh.com.au/business/the-economy/let-s-be-sensible-minerals-council-warns-against-labor-s-12-8b-kyoto-ban-20190409-p51ci9.html
29. http://www.bca.com.au/further_climate_policy_detail_welcomed
30. https://twitter.com/SkyNewsAust/status/1025867269719519232

19

–– stated that a 45% emissions reduction target would be“economy wrecking”31;–– ahead of the 2019 Federal election, told the Liberal party
room that it would campaign against the Federal opposition’s
ambitious climate policies32;–– repeatedly proposed that the Clean Energy Finance Corporation(CEFC) be allowed to consider investment in thermal generation
with carbon capture and storage33 34;–– argued for exemptions from climate policy for EITE industries35;–– argued against any extension of the Renewable Energy Target(RET) and stated that “there was no role for state-based”
renewable energy targets36;–– called for the removal of state-based moratoria on gas
development37;
Despite its claim that it supports a “market-based price signal” oncarbon emissions38, the BCA campaigned against Australia’s price on
carbon in 2012–1439. In September 2019, BCA CEO Jennifer Westacottclaimed that an appropriate price for carbon emissions would be
A$10 per tonne40, despite the International Monetary Fund (IMF)suggesting Australia would require a carbon price of US$75 per
tonne in order to meet the Paris Goals41.

ACCR acknowledges that the BCA advocates on a broad range ofpolicies, and that it is unlikely that our company will agree with allof its advocacy. However, the BCA’s long record of climate policy
obstructionism dwarfs our company’s efforts to reduce its own
carbon footprint and those of its customers. Support for the use of
Kyoto carryover credits, for example, equates to a 370 million tonne
discount on Australia’s 2030 target42. This is far greater than any
reduction in emissions that our company could ever hope to deliver.
Our company has said that it will retain membership of an industry
association provided it is “able to have a constructive dialogue within
the association, and they are receptive to members’ feedback”43.
Given the BCA’s long record of advocacy opposing climate action,
it is clear that our company’s attempts to exert its influence “inside
the tent” have proven ineffective to date.
It is no longer tolerable for our company to spend shareholder funds
supporting industry associations that delay the implementation ofpolicies necessary to achieve the Paris Goals.
ACCR urges shareholders to vote for this proposal.

In September 2019, the BCA received a ‘Carbon Policy Footprint’score of -30 from UK-based research group InfluenceMap (on a scaleof -100 to +100), ranking it within the 30 most obstructive industry
associations in the world on climate policy.

31. https://twitter.com/BCAcomau/status/1011414577702031361
32. https://www.theguardian.com/australia-news/2018/jun/26/turnbull-quashes-abbotts-bid-to-give-party-room-a-say-on-energy-guarantee
33. Business Council of Australia, Submission to Review of Climate Change Policies, May 201734. Business Council of Australia, Submission to Independent review into the future security of the National Electricity Market, March 201735. Business Council of Australia, Submission to Review of Climate Change Policies, May 201736. Business Council of Australia, Submission to Independent review into the future security of the National Electricity Market, March 201737. ibid.
38. https://www.bca.com.au/the_bca_has_always_supported_responsible_climate_action
39. https://www.bca.com.au/time-for-senate-to-repeal-the-carbon-tax
40. https://www.abc.net.au/news/programs/the-business/2019-09-20/extended-interview-with-jennifer-westacott/11534680
41. https://www.afr.com/policy/energy-and-climate/a-111-carbon-tax-in-australia-would-still-be-too-low-says-imf-20191010-p52zkq
42. https://www.afr.com/policy/energy-and-climate/explained-why-kyoto-carryover-credits-are-so-important-20190402-p519ws
43. ANZ, 2018 Annual Review, p35.

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