• Isolated incidents of unacceptable workplace conduct in ANZ's Markets business
• Weaknesses in culture, leadership, and risk governance infrastructure
• Recommendations to address root causes and rebuild trust

ANZ's Global Markets business has drawn stakeholder and media attention due to concerns related to conduct, workplace behaviour, and non-financial risk governance. In response, the ANZ Board and APRA initiated an independent review by Oliver Wyman. The review found that the culture of ANZ Institutional and Markets has notable strengths, with most employees expressing pride and operating within the Group's risk culture. However, the culture is variable, with sub-cultures and isolated behaviours at odds with the overall culture. There have been allegations of unacceptable workplace conduct in Markets, including bullying and substance abuse, which were serious and sustained over time. While not widespread, staff believe Markets leadership did not take decisive action to address the reported misconduct, allowing it to persist and undermining trust. The review also identified weaknesses in the execution of the Three Lines of Defence model, with inconsistent risk management activities and insufficient independent review and challenge. While Markets has comprehensive risk policies and frameworks, they can be complex and inconsistently applied. The review concludes with detailed recommendations to address the identified root causes, including clarifying leadership standards, refreshing the Three Lines of Defence model, and simplifying policies and frameworks. Addressing these issues will be critical for Markets to rebuild trust and mitigate the risk of recurring problems.

ANZ did not provide any high-importance, price-sensitive forward-looking financial metrics or guidance in this announcement.