2015
SHAREHOLDERREVIEW

shareholder.anz.com
Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.
ANZ’s colour blue is a trade mark of ANZ. Item No. 00000 00.2000 W000000

World first to roll out ‘Tap
and Pin’ contactless ATMs

OUR EXPERIENCE OVER
THE LAST 180 YEARS PUTS
US IN A POWERFUL POSITIONFROM WHICH TO EMBRACE
FUTURE CHALLENGESAND OPPORTUNITIES.

CONTENTS
1

180 YEARS

2

 ONTACTS
C& IMPORTANT DATES

3 INANCIAL HIGHLIGHTSF
SUSTAINABILITY HIGHLIGHTS

The 2015 Shareholder Review provides an overview of ANZ’s strategic direction
and financial and non-financial performance for 2015. Our long-term investment
in lifting levels of financial literacy and inclusion remains our priority community
investment focus.

CHAIRMAN’S REPORT

5CEO’S REPORT

6

 USTRALIAAINTERNATIONAL & INSTITUTIONAL BANKING (IIB)$

MORE INFORMATIONNEW ZEALAND

ANZ Corporate Governance: For information about ANZ’s approach to
Corporate Governance and to obtain copies of ANZ’s Constitution, Board/Board
Committee Charters, Shareholder Charter, Codes of Conduct and Ethics andsummaries of other ANZ policies of interest to shareholders and stakeholders,
visit anz.com/governance.

8

 UILDING FINANCIAL INCLUSIONB& ECONOMIC EMPOWERMENT9CORPORATE SUSTAINABILITYBILLION

10GLOBAL TECHNOLOGY, SERVICES & OPERATIONS

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

MESSAGE FROM SHAYNE ELLIOTTThis Shareholder Review (Review) has been prepared for Australia and
New Zealand Banking Group Limited (“the Company”) together with its
subsidiaries which are variously described as: “ANZ”, “Group”, “ANZ Group”,“the Bank”, “us”, “we” or “our”.

5 YEAR SUMMARY12 	
REMUNERATION OVERVIEW

2014

2015

2014

2015

3%

NON-STATUTORY REMUNERATION

181

14.0

%

 ELIVERED A
DRECORD CASHPROFIT OF $7.2
BILLION, UP 1% ON
2014. STATUTORYPROFIT UP 3%
GROUP NETPROFIT
AFTER TAX
(CASH1) $m

GROUP NET PROFIT
AFTER TAX $m

RETURNON EQUITY(CASH1)

RECORDCASHPROFIT

General information on ANZ can be obtained from our website: anz.com.
Shareholders can visit our Shareholder Centre at shareholder.anz.com.

GLOBAL WEALTH

11

7.2

All information contained within this document is for the year ended 30 September
2015 unless otherwise stated. All figures are in Australian dollars unlessotherwise stated.

4

7

FINANCIAL HIGHLIGHTSABOUT THIS DOCUMENTGROUP PROFITBEFOREPROVISIONS (PBP)
AND TAX (CASH1) $m
2014

2015

1%

CENTS
PER SHAREFULLY FRANKEDTOTAL DIVIDENDFOR FY15 OF 181
CENTS PER SHARE

NET LOANS AND
ADVANCES2 $b
2014

CUSTOMERDEPOSITS $b

2015

3%

2014

2015

9%

10%

13 	
NON-EXECUTIVE DIRECTORS REMUNERATION

7,271

CORPORATEAFFAIRSANZ Centre Melbourne
Level 9, 833 Collins Street
Docklands VIC 3008
Australia
Telephone:+61 3 9273 5555
Facsimile:+61 3 8542 5252
Company Secretary:
John Priestley

Level 10,833 Collins Street
Docklands VIC 3008
Australia
Telephone:+61 3 8654 3276
Email:
gerard.brown@anz.com
Group General Manager
Corporate Affairs:
Gerard Brown

INVESTORRELATIONS
Level 10,833 Collins Street
Docklands VIC 3008
Australia
Telephone:+61 3 8654 7682
Facsimile:+61 3 8654 8886
Email:
investor.relations@anz.com
www.shareholder.anz.com
Group General Manager
Investor Relations:
Jill Craig

United Kingdom

SHARE
REGISTRAR
Australia

Computershare Investor
Services PLC
The Pavilions
Bridgwater Road Bristol
BS99 6ZZ
Telephone:+44 870 702 0000
Facsimile:+44 870 703 6101

Computershare Investor
Services Pty Ltd
GPO Box 2975 Melbourne
VIC 3001 Australia
Telephone:1800 11 33 99(Within Australia)+61 3 9415 4010
(International Callers)
Facsimile:+61 3 9473 2500
Email:
anzshareregistry@computershare.com.au

United States
Citibank Shareholder
Services
P.O. Box 43077
Providence, Rhode Island
02940-3077
Callers outside USA:
+1-781-575-4555
Callers within USA(toll free):+1-877-248-4237(+1-877-CITI-ADR)
Email:
citibank@shareholdersonline.com
www.citi.com/adr

New ZealandComputershare Investor
Services Limited
Private Bag 92119
Auckland 1142
New Zealand
Telephone:
0800 174 007
Facsimile:+64 9 488 8787

7,117

7,216

10,818 11,159

JULY 2016

3rd	Interim Results
Announcement
9th	Interim Dividend
Ex-Date10th	Interim DividendRecord Date
11th	DRP/BOP/Foreign
Currency
Election Date

1st	Interim Dividend
Payment Date

NOVEMBER 2016
3rd 	Annual Results
Announcement
14th	Final Dividend
Ex-Date1

15th 	Final DividendRecord Date
16th 	DRP/BOP/Foreign
Currency
Election Date

444.6

ANZ adjusts statutory profit for certain non-core items to calculate Cash Profit which measures the result for the ongoing activities of the Group.
Net loans and advances at 30 September 2015 include assets classified as held for sale.

OUR INTERNATIONAL PRESENCE:SUSTAINABILITY HIGHLIGHTS

Australia
New Zealand

$

Asia

Cambodia, China, Hong Kong, India, Indonesia, Japan,
Korea, Laos, Malaysia, Myanmar, the Philippines,
Singapore, Taiwan, Thailand, Vietnam

10

MORE THAN

360,000

BILLION

EuropeCOMMITMENT OVER NEXT
FIVE YEARS TO SUPPORTOUR CUSTOMERS TO
TRANSITION TO A LOWCARBON ECONOMY

United Kingdom, France, Germany

Pacific

American Samoa, Cook Islands, Timor-Leste, Fiji,
Guam, Kiribati, New Caledonia, Papua New Guinea,
Samoa, Solomon Islands, Tonga, Vanuatu

PEOPLE REACHEDTHROUGH OUR
FINANCIALEDUCATION PROGRAM
MoneyMinded1

40.4

%

WOMEN IN
MANAGEMENT2

Middle East
U.A.E. (Dubai)

87

United States of America% MORE THAN
108,14281.7 146,000
74.8

% $

OF EMPLOYEESHAVE ADOPTEDFLEXIBLE WORKING
PRACTICES3DECEMBER 2016

ACKNOWLEDGEMENTS

16th 	Final Dividend
Payment Date
16th 	Annual General
Meeting(Melbourne)

Photography: James Knowler (Cover & page 12),
Josh Robenstone (page 4 & 10)
Cover Retouching: Visual Thing
Design: Floate Design Partners
Thanks to the ANZ staff who volunteered for thecover photoshoot. They were:
Ying Ho, Kate Hu, Natasha Nash, Shehani Noakes,
Didar Singh, Chris Slade, Toby Warren.

If there are any changes to these dates, the Australian Securities Exchange will be notified accordingly.

403.7

570.2

2

MILLIONIN COMMUNITYINVESTMENT(INCLUDES
FOREGONEREVENUE)4HOURS

OF OUR PROJECTFINANCE ENERGYPORTFOLIOCOMPRISED OF
LOW CARBON
ENERGY
GENERATION5

VOLUNTEEREDBY EMPLOYEESIMPORTANT DATES FOR SHAREHOLDERS1
MAY 2016

521.8

1CONTACTSREGISTERED
OFFICE

7,493

CUSTOMERSREGISTERED FOR
ANZ goMoney™
MOBILE BANKING
IN THE PACIFIC6

68%

REDUCTION OF
LOST TIME INJURIESIN AUSTRALIAOVER THE LASTTEN YEARSMEMBER OF DJSI WORLD,DJSI ASIA PACIFIC ANDDJSI AUSTRALIAThis is the estimated number of people who have benefited from ANZ’s MoneyMinded financial education program since 2003
Includes all employees regardless of leave status but not contractors (which are included in FTE)
Based on responses to the ANZ 2015 employee engagement survey; MyVoice.
4
Figure includes foregone revenue of $56.1 million, being the cost of providing low or fee free accounts to a range of customers such as government benefit recipients, not for profit organisations and students
5
An increase of 22.7% against a 2011 baseline of 59%
6
Cumulative total since launch in 2013
FTSE confirms that ANZ has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index company FTSE,
FTSE4Good is an equity index series that is designed to facilitate investment in companies that meet globally recognised corporate responsibility standards. Companies in the FTSE4Good Index Series have met stringent environmental,social and governance criteria, and are positioned to capitalise on the benefits of responsible business practice.
1
2
3

2

3

2015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEWLEFT TO RIGHT:
David Gonski, Shayne Elliott & Michael Smith

CHAIRMAN’S REPORTA MESSAGE FROMDAVID GONSKI, AC
I am pleased to report that ANZ’s statutory profit after
tax for the 2015 financial year was $7.5 billion, up 3%.
The cash profit (which excludes non-core items fromthe statutory profit) was $7.2 billion, up 1%.
The final dividend of 95 cents brought the total
dividend to 181 cents per share fully franked,
an increase of 2%. This will see us pay out a record$5.1 billion to shareholders for 2015.

STRENGTHENING CAPITAL
During the year, the Financial System inquiry
found that Australia has a sound financial system
which provides a strong platform for the Australianeconomy. The Inquiry also recommended that
Australian banks should be “unquestionably strong”.
Capital is one measure of strength and subsequently
the Australian Prudential Regulation Authority
increased the capital allocated against Australianhome lending which applies from July 2016.
In response to the changing regulatory environment,
ANZ continued to strengthen its capital position.
In August 2015, we undertook an institutional shareplacement and a successful retail share purchaseplan offer that raised a total of $3.2 billion in equity
capital. We were pleased that so many of our retailshareholders chose to participate in the sharepurchase plan in an amount greater than theywould have otherwise been able to do so underan equivalent rights issue.

CEO’S REPORT

both by some bank customers (who pay higher
interest rates) and by shareholders (whose returns
are affected).

$75 million in the communities in which we operate,
to support economic growth and development,
improve wellbeing and build reputation and trust.

NEW CHIEF EXECUTIVE OFFICER

During 2015, we continued to address the risks andopportunities associated with climate change. As partof this we are playing our part in an orderly transition
to a de-carbonised economy.

At the start of October, your board appointed Shayne
Elliott to become Chief Executive Officer on 1 January
2016, succeeding Mike Smith.
Shayne is currently ANZ’s Chief Financial Officer
responsible for all aspects of Finance as well asGroup Strategy, Legal, Treasury, Investor Relations
and Mergers and Acquisitions. He has over 30 years’
experience in international banking and joined
ANZ as CEO of Institutional Banking in June 2009.
He was the outstanding candidate for the role ofChief Executive given his deep knowledge of ANZ,
his strategic vision, global financial services
experience and his track record of building andleading strong international management teams.
Mike Smith steps down after eight years as Chief
Executive on 31 December 2015. Mike has successfully
guided ANZ through the global financial crisisand he has transformed ANZ into Australia’s onlyinternational bank with a focus on Asia Pacific. He has
also been instrumental in developing ANZ’s values-led
culture and has been a leader in diversity and financial
literacy. ANZ is uniquely well positioned becauseof the foundations Mike has created. On behalfof all at the ANZ I wish to thank him most sincerely.

CORPORATE SUSTAINABILITY

ANZ ended the financial year with our Common
Equity Tier 1 capital ratio at 9.6%, placing ANZ within
the top quartile of international peer banks.

We are managing our business sustainably andfor the long-term. Identifying and managing oursocial and environmental risks and opportunities
is fundamental to our business strategy.

A well-capitalised, well-managed banking system
is in the interest of customers, shareholders andtaxpayers. Additional capital requirements dohowever come at a cost and these have to be borne

We have achieved or made good progress towards
many of our targets in 2015. Although we still havemuch more to do, we increased the number of womenin management to over 40%. We have invested almost

We have pledged to fund and facilitate $10 billion
over five years to support a range of measures
including energy efficiency, low-emissions transport,
green buildings and renewable energy. We have also
strengthened our due diligence processes whichgovern our lending to coal mining, transportationand the power generation sectors.
These are positive steps which support our customers
in the resources and power generation sectors andbalancing the need to maintain access to a secureand affordable energy supply and supporting theefforts of governments around the world to limit
global temperature increases.

OUTLOOK
There remain significant opportunities for ANZ
in 2016 based on the strength of our customer
franchises in Australia, in New Zealand and in 32
countries in Asia, the Pacific, Europe and America.
Lower economic growth, the growing cost of
regulation and market volatility present challenges
for all banks however I believe ANZ is well positioned
to maintain its momentum and to deliver growthand value to shareholders over the medium term.

David Gonski, Chairman

A MESSAGE FROMMICHAEL SMITH, OBE
ANZ produced another record result in 2015.
In a constrained environment, we continued tosee growth in our customer franchises in Australia,
in New Zealand and in key Asian markets.

STRONGER IN AUSTRALIAAND NEW ZEALAND
The Australia Division performed strongly withcash profit up 7% based on market share gains
in key segments.
During 2015, 150,000 more customers choseto bank with ANZ. Many of these customers werein New South Wales where we have been investing
to take advantage of the state’s positive growth
outlook. More Australians are also choosing
to finance their homes with us because we offer
a fast and convenient experience.
Commercial Banking performed well, particularly
small business banking where we have invested
in more front-line people and improved systems.
We also simplified our business by entering into
an agreement to sell the Esanda Dealer Financeportfolio to Macquarie Group.
In New Zealand we continued to achieve goodoutcomes with cash profit up 3% in New Zealand
Dollar terms. In New Zealand we have a market
leading position and we again grew market sharein key segments including home loans and credit
cards. The Commercial business also grew strongly
across all regions.
The Global Wealth Division increased cash profit
by 11% with the insurance and private wealthbusinesses performing strongly. Global Wealthcontinues to reshape our customers’ experiencethrough new digital solutions and innovative
products such as ANZ Smart Choice Super.

INSTITUTIONAL BANKING –GROWTH IN ASIA,
CHALLENGING CONDITIONSIn Asia we continued to increase market sharein Institutional and Corporate Banking. We completed
our Asian footprint with the opening of branches
in Thailand and in Myanmar, and we opened a new
branch in Qingdao in China. Greater China is now
our largest source of profit outside Australia and
New Zealand.
Nevertheless, cash profit was down 2% inInternational and Institutional Banking reflecting
the challenging global environment. This included
pronounced market volatility in the final weeks of2015 which saw a disappointing trading outcome
in our Global Markets business.

SUPER REGIONAL STRATEGYAt the end of December 2015, I am stepping down
as Chief Executive Officer and our Chief Financial
Officer Shayne Elliott will succeed me.
I joined ANZ in 2007 with a long-term vision tocreate a super regional bank that built on ANZ’s
extensive history as a commercial bank withan international focus.
In that time we have built a stronger, more profitablebank. ANZ is better capitalised and our balance sheet
is of a higher quality with total assets having morethan doubled to $890 billion. Our management depth,
the capability of our people and our culture andvalues are also stronger.
The result is that profits are also up by more than
80% since 2007 to over $7 billion this year.
Importantly, we have created a better bank for ourcustomers with a stronger brand and more retail,commercial and institutional customers choosing
to bank with us.

Today Australia and New Zealand’s economic
prosperity is directly tied to Asia. Our largest trading
partners are in Asia and this is being supported
by a growing number of free trade agreements.
It’s our largest source of foreign investment including
underpinning growth in the resources sector,
in agriculture, in tourism and in construction.
At ANZ, we have turned our presence in Asia intoa real business that connects our Australian and
New Zealand customers with opportunities in thefastest growing region in the world economy.
This has required a significant investment to build
banking capability, to introduce new technology
and to obtain regulatory approval for new licences
to provide a full range of services to our customers.
We have done this through the global financial crisis
which created the most difficult international banking
environment the world has seen for many decades,
but also provided unique opportunities for us toaccelerate our growth in the region.
I know our customers, staff and shareholders areproud of what we have achieved. And I know
Australians and New Zealanders are proud to havea home-grown international bank like ANZ when they
use an ANZ ATM in Hanoi, when their business uses
ANZ to finance their exports to Shanghai or when theysee our signage in the Singapore or Jakarta skyline.
Thousands of ANZ people have worked hard to
produce these results and to support our customers.
On behalf of shareholders, I would like to thank them
all for their contribution.
I know I am leaving ANZ in good hands when Shayne
succeeds me as Chief Executive on 1 January 2016
and that the best for ANZ is yet to come.

Michael Smith, OBE
Chief Executive Officer
452015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEW2010
ANZ launched a freemobile banking
application for theiPhone called
ANZ goMoney™.

2012

AUSTRALIA1NEW ZEALAND1

MARK WHELAN, CEO

DAVID HISCO, CEO

BUSINESS OUTCOMES

BUSINESS OUTCOMESFINANCIALPERFORMANCE ($m)

The Australia Division continued its trend of cash profit improvement with profit
and PBP growth of 7%. The result was driven by growth in customer numbers alongwith increased product sales and market share.
Investment focused on digital platform enhancement, increasing distribution sales
capacity and capability, growing our presence in particular in New South Wales (NSW),a high growth market where ANZ has historically been underweight, and building out
specialist propositions in key sectors of Corporate and Commercial Banking (C&CB).
Lending grew 9% with deposits up 5%. Sales performance has been strong,particularly in Home Lending, Credit Cards and Small Business Banking. ANZ hasgrown home lending market share consistently now for six years driven by capability
and capacity improvements in our branches, online, in ANZ’s mobile lender teamand improved broker servicing.
ANZ’s C&CB business grew lending by 6% despite patchy sentiment in theCommercial sector, with Small Business Banking performing particularly strongly,
up 12%. Increased specialist capability saw lending to the Health sector up 16%
in the second half.

2015

2014

MOVT %

Operating income

8,678

8,193

6%

Operating expenses(3,157)(3,015)

5%

Profit before credit impairment and income tax

5,521

5,178

7%

Credit impairment charge

(853)

(818)

4%

Profit before income tax

4,668

4,360

7%

Income tax expense and non-controlling interest(1,394)(1,306)

7%

Profit after tax

3,274

3,054

7%

Total assets

316,583

290,564

9%

45%

43%

Contribution to group earnings

Integration of
The National Bankof New Zealandinto ANZ brand

FINANCIALPERFORMANCE (NZ$m)

New Zealand Division cash profit grew 3% with PBP up 7%. Ongoing businessmomentum is reflected in balance sheet growth which along with capital and costdiscipline (costs +2%) has grown returns. While underlying credit quality remains
robust and gross impaired assets continued to decline, a lower level of provision
write-backs year-on-year saw the provision charge normalising although remaining
modest at $59 million.
Lending grew 8% with deposits up 14%. Brand consideration remains the best of the
top four banks, strengthening further. In turn, this is translating into lending demandwith ANZ now the largest mortgage lender across all major cities. ANZ has grownmarket share in key categories during the year including mortgages, credit cards,
household deposits, life insurance, KiwiSaver and business lending. The Commercial
business grew strongly across all regions with lending up 8%.
ANZ increased investment in digital and in sales capability. Sales revenue generated
from digital channels increased 32%. A focus on delivering a great digital experiencefor customers has seen ANZ’s mobile banking app ‘goMoney™’ consistently scoring
above 98% in customer satisfaction and, with over half a million customers, it is themost downloaded banking app in New Zealand.

2015

2014

MOVT %

Operating income

2,895

2,754

5%

Operating expenses(1,148)(1,127)

2%

Profit before credit impairment and income tax

1,747

1,627

7%

Credit impairment charge

(59)

9

large

Profit before income tax

1,688

1,636

3%

Income tax expense and non-controlling interest

(473)

(459)

3%

Profit after tax

1,215

1,177

3%

Total assets

108,270

100,346

8%

16%

15%

Contribution to group earnings2(all figures in NZD)ANZ has seen strong commercial outcomes from its investment in digital capability
with increased numbers of customers engaging with the business via digital channels.
In 2015 sales via digital channels grew 30%, new to bank goMoney™ customers grew
89% and product purchases on mobile devices increased 121%.

All comparisons are Financial Year ended 30 September 2015 compared to Financial Year ended 30 September
2014, not adjusted for FX and on a cash basis unless otherwise noted.
Calculated on an AUD basis.

1

All comparisons are Financial Year ended 30 September 2015 compared to Financial Year ended 30 September 2014,
not adjusted for FX and on a cash basis unless otherwise noted.

1

2009

2

2009

ANZ officially opened
Guangzhou branch in
China, its first branch
in southern China,
and third branch inmainland China

Completed theacquisition of
ING Australia and
ING New Zealandwealth businesses.

INTERNATIONAL & INSTITUTIONAL BANKING1

GLOBAL WEALTH1

ANDREW GÉCZY, CEO

JOYCE PHILLIPS, CEO

FINANCIALPERFORMANCE ($m)

BUSINESS OUTCOMES
IIB cash profit declined 2% with PBP down 1%. While it has been a challenging
year for the business we have continued to develop the customer franchises in Asia,
New Zealand and Australia with particularly good outcomes in Asia. Customer sales
in our higher returning products demonstrated good growth with cash deposits
up 11%, commodities sales up 44% and rates sales up 32%.

BUSINESS OUTCOMES
2015

2014

MOVT %

Operating income

7,419

7,105

4%

Operating expenses(3,616)(3,275)

10%

Global Markets customer income continued a pattern of steady year on year increases,
up 7%. Despite a strong performance over the nine months to the end of the third
quarter, changed financial market conditions in the last six weeks of the fourth quarter
caused significant dislocation and a widening of credit spreads, which particularly
impacted trading income as well as suppressing sales. This meant total Global Markets
income finished the year down 2%.

Profit before credit impairment and income tax

3,803

3,830

-1%

Credit impairment charge

(295)

(216)

37%

Profit before income tax

3,508

3,614

-3%

Income tax expense and non-controlling interest

(844)

(906)

-7%

A multi-year investment in the high returning Transaction Banking Cash Management
capability has seen Cash Management deposits up 48% over the past three years.
Similarly investment in Global Markets product, technology and customer sales
capability has driven good outcomes with Foreign Exchange income up 24% overthe past three years to represent 42% of the book.

Profit after tax

2,664

2,708

-2%

Total assets

423,008

342,984

23%

37%

38%

Contribution to group earnings

IIB has been refining key business areas. Reduced exposure to some lower returning
areas of the Trade business, while lowering Trade income slightly, has improved
returns. In the Global Loans business, increased focus on RWA efficiency over thecourse of the second half saw profit decline but margins and returns on RWA begin
to stabilise.

FINANCIALPERFORMANCE ($m)

The Global Wealth Division increased profit by 11%. Positive performance wasexperienced across all business units. Insurance delivered growth in in-force
premiums along with stable claims and lapse experience, which contributed
to an 18% increase in both embedded value and in the value of new business.
Private Wealth continued to deliver growth through customer focused investment
solutions – with FUM increasing 22% and customer deposits 33% year-on-year.
Global Wealth continues to reshape the customer experience through new digitalsolutions. Recent innovations include ‘Advice on Grow™’, new tools improving theadvice experience, while ‘Insurance on Grow™’ will soon be released to the market.
ANZ Smart Choice Super leads the industry in value for money and innovation.
FUM now exceeds $4.3 billion and for the second year ANZ Smart Choice received
the prestigious Super Ratings Fastest Mover award. ANZ KiwiSaver continues to build
its market position with FUM growing 32% to $7 billion. Global Wealth’s focus on
improving customer experience is reflected in the increased sale of Wealth solutions
through ANZ channels with growth of 8% year-on-year.

20152

20143

MOVT %

Operating income

1,730

1,745

-1%

Operating expenses(975)(1,004)-3%

Profit before credit impairment and income tax

755

741

2%

Credit impairment charge

-

2

-100%

Profit before income tax

755

743

2%

Income tax expense and non-controlling interest

(154)

(201)

-23%

Profit after tax

601

542

11%

Contribution to group earnings

8%8%

All comparisons are Financial Year ended 30 September 2015 compared to Financial Year ended 30 September
2014, not adjusted for FX and on a cash basis unless otherwise noted.
2015 profit after tax includes a one-off tax consolidation benefit of $56 million.
3
2014 results include a one-off ANZ Trustees gain on sale income ($125m), ANZ Trustees related expenses
and subsequent investments in productivity initiatives (-$41m), resulting in a profit after tax benefit of $64m.
Excluding the above one-offs, the normalised profit after tax growth for 2015 is 14%.
1

2

1

 ll comparisons are Financial Year ended 30 September 2015 compared to Financial Year ended 30 September 2014,A
not adjusted for FX and on a cash basis unless otherwise noted.

672015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEWOUR APPROACH TO SUSTAINABILITY
ANZ’s approach to sustainability supports achievementof our business strategy by guiding the way we makedecisions and conduct business in all of the markets
in which we operate. Our decision making processes
take into account the social and environmental impactsof ANZ’s operations and prioritise building trust andrespect amongst our stakeholders.

BUILDING FINANCIAL INCLUSION ANDECONOMIC EMPOWERMENTACTIONACTIONACTION

Providing accessible services and financial
literacy programs, particularly in rural areas

Supporting women across the region
to achieve an equal financial future

Supporting lower-income people to build savings
and assets through Saver Plus

• More than 146,000 customers are registeredfor goMoney™ in the Pacific, with over 57%
new to ANZ and residing in predominantly
unbanked communities• We offer free financial advice by telephone
for women and men with less than $50kof superannuation in Australia1• Saver Plus has reached 27,505 lower-income
participants since 2004, 86% of them women• 72% of MoneyMinded participants in Australia
are women• Based on the increased ability of participants tosave, RMIT University estimates a Saver Plus Social
Return on Investment (SRoI) of $3.98 for every dollarof government investment in Saver Plus

• Our rural banking services in China and Fijienable economic participation for thousandsof customers in remote locations•M oneyMinded financial education programs
now available online, offering increased accessto the community• We support Microfinance institutions in Asia andthe Pacific and encourage women to build savingsand financial wellbeing• Saver Plus participants have saved over $16.9m

To enable us to identify and prioritise our mostmaterial social and environmental risks andopportunities, we undertake an annual materiality
assessment. This year’s process incorporated theviews of a diverse range of internal and external
stakeholders in Australia, New Zealand, the Pacificand Asia. They identified responsible business
lending, consumer protection, data security andtechnology and fraud and money laundering,as the most important sustainability issues facing
ANZ. The outcomes of our materiality assessment
inform the setting of our public sustainability targets,
which help to improve business performance insupport of ANZ’s strategy.

COUNTING THE BENEFITS OFFLEXIBLE WORKING CASE STUDY
To attract and retain the best people and service
our customers better we introduced our ‘All Roles
Flex’ policy in Australia and New Zealand this year.
Our transition from traditional work patterns toa more flexible approach began four years ago
with ‘business neighbourhoods’ across our offices
replacing individual desk ‘ownership’.

CHALLENGESACTION
Supporting small
business and microentrepreneurs to build
prosperous livelihoods• We have developed a
MoneyMinded Business
Basics program, to support
small businesses in the
Pacific with financial
literacy, business planningand banking support

ACTION

Financial Inclusion – access to financial products and services –is widely recognised as being fundamental to individual wellbeing
and the development of economies. Levels of financial inclusion varyacross the diverse markets in which ANZ operates. For example, in some of
our Pacific markets up to half of the population is unbanked, with many living
in rural or remote locations. Financial Literacy – knowing how to use financial
products and services, save and make sound financial decisions – is essential tofinancial inclusion.
In markets with high numbers of unbanked people, levels of financial literacy tend
to be low. In our home markets of Australia and New Zealand, our research identifies
groups most likely to have low levels of financial literacy: young people, people withlow levels of education, people in ‘blue collar’ occupations and people with lowlevels of assets and savings.
With ageing populations in our home markets, governments are providing
incentives for people to save during their working lives to provide greater
financial security in retirement and a pension ‘safety net’ where thesesavings are insufficient. Our research into financial gender equity
in Australia identifies single women as the group most at riskof retiring with low levels of savingsand superannuation.

Working in cross-sector partnerships to achievesustainable outcomes and shared value• Our flagship financial education program
MoneyMinded has reached over 360,000 people2
across the region through partnerships with
community organisations, customers
and governments• In 2015, the Australian Government committed
a further $29.4m to Saver Plus (ANZ will contribute$17m), to enable our partners to continue
delivering the program to over 16,700 people
in 60 communities across Australia over the next
five years• In 2015 we published the fifth Survey of Adult
Financial Literacy in Australia3, used as a benchmark
by government, regulators and a range ofstakeholders in Australia

We will fund and facilitate $10 billion over the next
five years to support our customers to transition toa low carbon economy, including increased energy
efficiency in industry, low emissions transport,
green buildings, reforestation, renewable energy
and battery storage, emerging technologies (suchas carbon capture and storage) and climate change
adaptation measures

ACTIONWe will only consider financing new coal-fired power
plants that use advanced technologies and higher
quality coal to significantly reduce emissions to atleast 0.8 tCO2/MWh2. This means power generation
at up to ~50% lower emissions than many power
stations in use today. It also means we will not
finance any new build of conventional coal-fired
power plants3

ACTIONCHALLENGE
To address the potential impacts ofclimate change, governments around theworld are seeking to limit the average global
temperature rise to no more than 2°C above
pre-industrial levels. We recognise that achieving
this is a shared challenge which will require netzero emissions of greenhouse gases by the endof the century1. As part of our ‘bridging to a low
carbon economy framework’, we are taking
steps to support the transition to a low
carbon economy. ANZ’s Statement on
Climate Change is available
on anz.com

SUPPORTING RENEWABLE
ENERGY CASE STUDYANZ was the lead arranger for the Burgos Wind
Project (BWP) located in Northern Philippines.
Commissioned in November 2014, it is the biggest
operating wind farm in the Philippines, expected
to generate approximately 233 GWh annually andpower over a million households. It will also displaceapproximately 200,000 tons of carbon emissions
annually. BWP has won several awards, including
being named the Asia-Pacific Renewables Dealof the Year by Project Finance International in 2014.

• Our report Saver Plus: A Decade of Impact 4
demonstrates the value of this savings
program in supporting social inclusion andeconomic empowerment• 87% of participants continue to save the sameamount or more after completing Saver Plus
• 91% of MoneyMinded online participants and 82%
of face-to-face participants said they could cope
better with unexpected expenses

This offer is available to those aged over 18 and in Australia. The advice offer waives advisor and implementation fees for phone-based superannuation (excluding SMSF) and life insurance advice, and commissions to ANZ
or its advisors for life insurance advice. Product fees and insurance premiums may be incurred if advice is implemented. Ongoing advice is not included in this offer.
This is the estimated number of people who have benefitted from ANZ’s MoneyMinded financial literacy education program since 2003.
3
www.anz.com/resources/3/1/31cbc1fd-9491-4a22-91dc-4c803e4c34ab/adult-financial-literacy-survey-full-results.pdf
4
www.anz.com/resources/a/7/a7ab5ce8-9cf1-42f6-8a02-46dfe2fe5194/saver-plus-decade-impact.pdf

While flexible working benefits our employees,
enabling them to balance work and personalcommitments, it also allows us to service ourcustomers when it best suits them. Furthermore,
it has led to tangible cost savings for the business.

In 2011, our non-branch workforce was scatteredacross 10 locations in Melbourne and its suburbs.
Fast forward to 2015, and due to a combination of
innovative building design and ‘activity- based’ work
environments, as well as flexible work policies andpractices, our property portfolio in Melbourne (where
ANZ is headquartered) has been consolidated into
four strategic locations, running at around $30 million
less in costs each year in 20% less office space.

ACTION

Ensuring our programs are effective

Undertaking regular research to inform dialogue
with stakeholders and thought leaders

The foundations established by this workplacechange management program have since been
built on with new flexibility policies and initiatives.
Flexible working is becoming the norm, with 87%
of our employees reporting working flexibly.

BRIDGING TO A LOW CARBON ECONOMY

ACTIONACTION

ANZ’s Corporate Sustainability
Framework encapsulates ourapproach. The framework
identifies three priority areasof our sustainability agenda:• Sustainable Development• Diversity & Inclusion• Financial Inclusion & Capability
and five areas considered essential
to a responsible company operating
in a global market.

We have strengthened our lending rules governing
coal mining, transportation and use of coal inelectricity generation

ACTIONWe have reduced our Group-wide greenhouse gas
emissions from premises energy by 8% (based on
a 2013 baseline)

ACTIONWe have increased the proportion of low carbon
energy generation in our project finance energy
portfolio to 81.7% from a 2011 baseline of 59%
%
22
GAS

%
59.7
RENEWABLEOUR ENERGYPORTFOLIO

18.3%
COAL

1

2

‘Net’ greenhouse gas emissions includes the impacts of activities that remove carbon dioxide from the atmosphere (such as carbon sequestration in forests or geological formations) and of international trade in credible emissions
entitlements and offsets.
For example, ultra-supercritical plants using the advanced, commercially proven low-emissions technologies to reduce emissions by up to ~50% compared to some existing subcritical plants.
3’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.
1

2

8

9

2015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEW

5 YEAR SUMMARYFINANCIAL

14,616

GLOBAL TECHNOLOGY, SERVICES & OPERATIONSALISTAIR CURRIE, GROUP CHIEF OPERATING OFFICER
BUSINESS PROFILE
Global Technology, Services & Operations (GTSO)
is the delivery division for the bank, responsible fortechnology, shared services and operations across
ANZ’s global footprint.
The division also manages ANZ’s majortransformation projects and the commercial
and branch property portfolio. GTSO is delivering
the next generation of enterprise platforms
that will underpin further growth and improvebanking for customers globally. ANZ’s regionaldelivery network with key locations in Melbourne,
Wellington, Bengaluru, Manila, Chengdu and Suva,
plus integrated operations in dozens of othercountries, provides unmatched scale, flexibility
and business continuity.
GTSO continues to drive productivity across ANZ
and is focusing on the application of digitisationand process industrialisation to deliver a better
customer experience and strong, sustainablebottom line improvements.

1

SUPPORTING OUR INCREASINGLYGLOBAL CUSTOMER BASE
CASE STUDYANZ is transforming the way in which it serves
its commercial and wholesale customers througha series of enterprise investments in a Global
Wholesale Lending capability. These investments
are driving greater resilience and standardisation
across the regional network, increasing automationand continuing to improve the Wholesale Lending
experience for customers and staff.
ANZ now has one way of processing agency
loan1 transactions across all its locations. The new
Wholesale Loans platform allows teams in Australia
and New Zealand to send payments of any value
in multiple currencies, with minimal manual handling.
This means agency loan customers get their money
faster, with high accuracy, while staff save valuable
hours. Considering wholesale loans generate over
20% of ANZ’s operating revenue, and represents over$140 billion of transactions, this is significant.
Automation has removed the need for 380
spreadsheets, and enabled the use of one connection
into 30 payments and accounting systems, with over

$28 billion in payments and transactions processedin the first four months.
Nigel Dobson, General Manager Group Payments
Management, said: “Taking an enterprise approach,
we’re able to introduce any new payments
capabilities to enterprise platforms like this in the
future. We can leverage our greatly-simplified
platform model to enable increased speed and lower
costs for all ANZ business units, and significantly
reduce operating risk, as well as being able tointroduce new customer features faster.”
ANZ’s regional delivery network is improving
operating resilience whilst supporting businessgrowth, delivering 10% year-on-year productivity,and increasing the servicing window for Wholesalecustomers to more than 20 hours per day.
“Our ability to rapidly respond to client requests
for multi-currency, multi-region payments is key
to supporting our increasingly global customer base.
If a customer wants to draw their loan facility today
in U.S. dollars, our teams can now do this in minuteswith the click of a button,” said Christina Tonkin,
Managing Director Global Loans & Advisory.

Agency Loans – Loans where our Agency Services team acts as an intermediary between a borrower and the lending participants in the administration of a transaction.

$$

MILLIONNET INTEREST
INCOMEMILLIONTOTAL ASSETSMILLION MARKET
CAPITILISATION

Our expanded total asset
value results from dynamic
growth in Asia.

Our strong market position
locates us perfectly forour medium to longterm goals.

889,900

The 27% increaseover five years represents
our strong investment
strategy.

FIVE-YEAR SUMMARY 2011 – 2015

78,606

$

2015

2014

2013

2012

2011

Net interest income ($m)

14,616

13,797

12,772

12,11011,500

Other operating income ($m)

5,902

5,781

5,619

5,738

5,385

Operating expenses ($m)(9,359)(8,760)(8,257)(8,519)(8,023)

Profit before provisions and income tax ($m)

11,15910,818

10,134

9,329

8,862

Credit impairment charge ($m)

(1,205)(989)(1,197)(1,258)(1,220)

Income tax expense and non-controlling interest ($m)

(2,738)(2,712)(2,445)(2,241)(2,175)

Cash / Underlying profit1 ($m)

7,216

7,117

6,492

5,830

5,467

Adjustments to arrive at statutory profit1 ($m)

277

154

(182)

(169)

(112)

Profit attributable to shareholders of theCompany ($m)

7,493

7,271

6,310

5,661

5,355

Total Assets ($m)

889,900

772,092

702,995

642,127604,213

Total Equity ($m)

57,35349,28445,603

41,22037,954

Common Equity Tier 12 (%)

9.6

8.8

8.5

8.0

8.5

Common Equity Tier 1 – Internationally
Comparable Basel 33 (%)

13.2

12.5

12.7

11.6

n/a

Return on average ordinary equity 4,5 (%)

14.5

15.8

15.0

14.6

15.3

Return on average assets5 (%)

0.9

1.0

0.9

0.9

0.9

Cost to income ratio1 (%)

45.6

44.7

44.9

47.7

47.5

(7.5)

5.9

31.5

35.4

(12.6)

78,606

85,23584,45067,25551,319Dividend (cps)

181

178

164

145

140

Share price – 30 September closing price ($)

27.08

30.92

30.78

24.75

19.52

Points of representation6

1,229

1,220

1,274

1,337

1,381

Number of shareholders7

546,558

498,309468,343438,958

442,943

FINANCIAL PERFORMANCE1FINANCIAL POSITION“The whole industry’s going to fundamentallychange: Social expectations, how people expect
their banks to operate, how they interact.
That’s about fundamentally rethinking what our rolein the communities in which we operate actuallyis. I think there’s going to be whole new businessmodels that emerge as a result of that.
Disruptors essentially are just taking advantage ofthat. We’re a big complicated organisation but weneed to be really agile if we’re going to succeedin the future. To me that’s the essence of thechallenge in the future.”
SHAYNE ELLIOTT,INCOMING ANZ CEOSHAREHOLDER VALUE - ORDINARY SHARES

Total return to shareholders (%)
Market capitalisation ($m)

OTHER INFORMATION

Since 1 October 2012, the Group has used cash profit as a measure of the result of the ongoing business activities of the Group enabling shareholders to assess Group and divisional performance against prior periods and against peer
institutions. For 2012-2015 statutory profit has been adjusted for non-core items to arrive at cash profit. For 2011, statutory profit has been adjusted for non-core items to arrive at underlying profit, which like cash profit, is a measure of theongoing business performance of the Group but used somewhat different criteria for the adjusting items. Neither cash profit nor underlying profit are audited; however, the external auditor has informed the Audit Committee that theadjustments have been determined on a consistent basis across each period presented. 2 Calculated in accordance with APRA Basel 3 requirements for 2012-2015. Comparatives for 2010-2011 are calculated on a Basel 2 basis. 3Previously
disclosed International Harmonised capital ratios (Internationally Harmonised Basel 3) have been replaced with Internationally Comparable capital ratios as per the methodology in the “Australian Bankers’ Association: International
comparability of capital ratios of Australia’s major banks” (August 2014) report prepared by PWC Australia. The 2012 and 2013 ratios have been restated for change in methodology to Internationally Comparable capital ratios. 4 Averageordinary equity excludes non-controlling interests and preference shares. 5 Return on average ordinary equity and average assets have been calculated on a statutory basis, consistent with the last five years. 6Includes branches, offices,
representative offices and agencies. 7 Excludes employees whose only ANZ shares are held in trust under ANZ employee share schemes.
1

10

11

2015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEWNON-EXECUTIVE DIRECTORS REMUNERATIONThe Board is responsible to shareholders for the governance of ANZ. It approves the strategic
direction, financial objectives and appropriate risk appetite for the organisation and oversees
ANZ’s operations and financial performance.
D Gonski1

REMUNERATION OVERVIEW
The following provides a summary of the remuneration for the Non-Executive Directors, Chief
Executive Officer (CEO) and Disclosed Executives – key management personnel. A more detailed
Remuneration Report is contained in the Annual Report from page 31 onwards. The report canbe accessed via the ANZ website anz.com/annualreport as well as in hard copy.

I Atlas2

P Dwyer

HY LeeG Liebelt

I Macfarlane

J Macfarlane3

Financial Year

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

NED fees and nonmonetary Benefits ($)

791,085

383,559

270,460

3,995

336,085

320,524

306,085

296,973331,085

300,764

323,585

319,473

293,585

103,109

Superannuation
Guarantee Contribution($)

18,915

11,837

18,915380

18,91518,027

18,91518,027

18,91518,027

18,91518,027

18,915

7,557

Total
Remuneration ($)

810,000

395,396289,375

4,375

355,000

338,551

325,000

315,000

350,000

318,791

342,500

337,500

312,500

110,666

1
2
3

D Gonski commenced as a Non-Executive Director on 27 February 2014 and as Chairman on 1 May 2014 so 2014 remuneration reflects amounts received for the partial service for the 2014 year.				
I Atlas commenced as a Non-Executive Director on 24 September 2014 so 2014 remuneration reflects amounts received for the partial service for the 2014 year.
J Macfarlane commenced as a Non-Executive Director on 22 May 2014 so 2014 remuneration reflects amounts received for the partial service for the 2014 year.				

NON-STATUTORY REMUNERATION
The following tableprovides a summary of the
remuneration for the Chief
Executive Officer (CEO)and Disclosed Executives.

CEO AND CURRENTDISCLOSED EXECUTIVES

M Smith2

A Currie3

Chief Executive Officer

Chief Operating Officer

S Elliott4

Chief Financial Officer

A Géczy5

D Hisco6

G Hodges7

J Phillips8

M Whelan9

N Williams10

Chief Executive Officer,
International &Institutional Banking

Chief Executive Officer,
New Zealand

Deputy Chief Executive Officer

CEO, Global Wealth, GroupManaging Director, Marketing,Innovation & Digital

Chief Executive Officer,
Australia

Chief Risk Officer

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2014

2015

2015

2014

Remuneration ($)

3,400,000

3,150,000

1,100,000

1,000,000

1,250,000

1,250,000

1,250,000

1,250,000

1,181,243

1,165,493

1,050,000

1,050,000

1,050,000

1,000,000

500,000

1,350,000

1,250,000

Non monetary benefits ($)

204,530

170,019

16,537

15,93817,037

20,663856,640

337,718

439,790

430,342

18,448

19,166

156,957

5,500

5,625

21,441

18,551

Financial YearFIXEDANNUAL VARIABLE REMUNERATION (AVR)2008
ANZ CEO Mike Smith visits
Jakarta for the inaugurationof ANZ Tower, ANZ’s newhead office in Indonesia,
and the opening of its new
flagship Tower branch

Cash ($)

2,050,000

2,050,000

1,000,000

950,000

1,300,000

1,300,000

850,000

900,000

1,162,631

1,150,083

800,000

800,000

900,000

900,000

500,000

1,000,000

950,000

Deferred as equity ($)

1,950,000

1,950,000

900,000

850,000

1,200,000

1,200,000

750,000

800,000

1,062,631

1,050,082

700,000

700,000

800,000

800,000

400,000

900,000

850,000

Total ($)

4,000,000

4,000,000

1,900,000

1,800,000

2,500,000

2,500,000

1,600,000

1,700,000

2,225,262

2,200,165

1,500,000

1,500,000

1,700,000

1,700,000

900,000

1,900,000

1,800,000-

3,400,000

750,000

750,000

2,100,000

800,000

800,000

800,000

699,264

699,260

500,000

500,000

700,000

700,000

350,000

750,000

750,000

Received ($)

5,654,530

5,370,019

2,116,537

1,965,938

2,567,037

2,570,663

2,956,640

2,487,718

2,783,664

2,745,918

1,868,448

1,869,166

2,106,957

1,905,500

1,005,625

2,371,441

2,218,551

Deferred as equity ($)

1,950,000

5,350,000

1,650,000

1,600,000

3,300,000

2,000,000

1,550,000

1,600,000

1,761,895

1,749,342

1,200,000

1,200,000

1,500,000

1,500,000

750,000

1,650,000

1,600,000

Total ($)

7,604,530

10,720,019

3,766,537

3,565,938

5,867,037

4,570,663

4,506,640

4,087,718

4,545,559

4,495,260

3,068,448

3,069,166

3,606,957

3,405,500

1,755,625

4,021,441

3,818,551

LONG TERM VARIABLE REMUNERATION (LTVR)

Total (deferred as equity)1 ($)
TOTAL REMUNERATION1

Total Remuneration assumes LTVR face value at 50% vesting (except for the CRO as LTVR is granted as deferred share rights).
M Smith - Non monetary benefits include car parking, life insurance and taxation services. In 2015 equity to the value of $2,149,382 vested in respect of previously
disclosed deferred AVR granted in November 2012 and November 2013. Deferred LTVR which was granted in December 2011 and previously disclosed, lapsed in
December 2014.
3
A Currie - Non monetary benefits include car parking and taxation services. In 2015 equity to the value of $732,721 vested in respect of deferred AVR granted in November
2012 and November 2013, and equity to the value of $763,011 vested in respect of deferred LTVR granted in November 2011.
4
S Elliott - Non monetary benefits include car parking and taxation services. In 2015 equity to the value of $1,243,525 vested in respect of previously disclosed deferred AVR
granted in November 2012 and November 2013. Deferred LTVR which was granted in November 2011 and previously disclosed, lapsed in November 2014. The 2015 LTVR
relates to the proposed LTVR grant as incoming CEO, subject to approval by shareholders at the 2015 Annual General Meeting.

A Géczy - Non monetary benefits include relocation expenses, car parking and taxation services.
D Hisco - 2014 and 2015 remuneration value in the table represents his NZD remuneration converted to AUD at the average exchange rate for the 2014 and 2015 financial years respectively. Non monetary benefits include expenses related to his
assignment to New Zealand, car parking and taxation services. In 2015 equity to the value of $1,095,173 vested in respect of previously disclosed deferred AVR granted in November 2012 and November 2013. Deferred LTVR which was granted in
November 2011 and previously disclosed, lapsed in November 2014. D Hisco also received shares to the value of $740 in relation to the Employee Share Offer in December 2014 and will receive shares to the value of $736 in relation to the Employee
Share Offer in December 2015.
7
G Hodges - Non monetary benefits include car parking and taxation services. In 2015 equity to the value of $646,299 vested in respect of previously disclosed deferred AVR granted in November 2012 and November 2013. Deferred LTVR which was
granted in November 2011 and previously disclosed, lapsed in November 2014.
8
J Phillips - Relocated to Sydney in 2015. Non monetary benefits include relocation expenses, car parking and taxation services. In 2015 equity to the value of $658,846 vested in respect of previously disclosed deferred AVR granted in November 2012
and November 2013. Deferred LTVR which was granted in 2011 and previously disclosed, lapsed in November 2014.
9
M Whelan - Commenced in a Disclosed Executive role on 3 April 2015 so 2015 remuneration reflects amounts prorated for the partial service year. Non monetary benefits comprise car parking.
10 
N Williams - Non monetary benefits include car parking and taxation services. In 2015 equity to the value of $750,313 vested in respect of deferred AVR granted in November 2012 and November 2013 and equity to the value of $763,011 vested in
respect of deferred LTVR granted in November 2011. (LTVR is delivered as unhurdled deferred share rights and is not subject to meeting TSR performance hurdles.)

1

5

2

6

12

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2015 SHAREHOLDER REVIEW

2015 SHAREHOLDER REVIEW