National Australia Bank Ltd – Key Developments

1. Executive Scrutiny Over Employee Underpayments

During the 12 December 2025 Annual General Meeting (AGM), National Australia Bank (ASX:NAB) faced intense scrutiny regarding the handling of employee underpayments. A former employee testified that she had been underpaid and had repeatedly raised concerns. The bank acknowledged the issue but limited back‑pay entitlements to periods up to 2012, citing the system’s accuracy in 2018. The presentation triggered a broader discussion on remuneration practices and compliance oversight.

2. Chair Succession Process Initiated

On 11 December 2025, NAB announced that the chair succession process was underway as Philip Chronican seeks his final term. The board has begun evaluating potential successors, with an emphasis on continuity and governance standards. This development follows the AGM’s focus on executive accountability and board composition.

3. AGM Results and Corporate Governance

The AGM results released on 12 December 2025 confirmed the re‑election of the chairman and the approval of the board’s remuneration proposals. Shareholder voting also covered the resignation and appointment of certain directors, reflecting the bank’s commitment to transparent governance. The AGM session, held in accordance with ASX Listing Rule 3.13.2, received participation from a broad base of shareholders.

4. Deforestation Action Resolutions Rejected

Two resolutions proposed by the Australian Conservation Foundation were submitted to the AGM. Both were rejected with over 85 % of votes cast against them. The resolutions sought more aggressive deforestation‑mitigation policies from NAB. The bank’s board responded with a conciliatory tone, acknowledging the activist concerns while stating that the current strategy aligns with its broader environmental framework.

5. Market Context

Asian stock markets, including the Australian market, closed sharply higher on the day of the AGM. The upward trend was attributed to mixed cues from Wall Street, the U.S. Federal Reserve’s anticipated third consecutive interest‑rate cut, and the Fed’s less hawkish outlook on rates. NAB’s performance in the broader market context reflects its positioning within the financial sector and its sensitivity to macroeconomic developments.

National Australia Bank remains active in various financial services, including internet banking, credit cards, home loans, and personal loans. The bank’s participation as a joint lead arranger in the MA Credit Portfolio Holdings Limited prospectus underscores its ongoing involvement in structured finance and credit markets.

These developments highlight National Australia Bank’s focus on governance, employee remuneration, environmental policy engagement, and market responsiveness.