Starting from October, the only variable remuneration most employees will receive will be in the form of a group performance dividend, based on the bank’s performance from a risk, financial, customer, people and reputation perspective. Mr Elliott said the royal commission had shone a light on the negative impact that individual bonuses within a bank can have on customer outcomes. “We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take-home pay with these reduced bonuses to be determined by the overall performance of the bank,” he said.

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While no single manager said their first strategy was engagement, 36 per cent said it was their secondary strategy, said Mr O’Connor. “You are seeing a greater propensity to vote in favour of ESG resolutions in AGMs and we’ve seen some fairly big votes in favour of companies aligning their strategy with a two-degree future for example. You’re also seeing a lot of investors getting behind listed companies to really ensure they realign their strategies to be in line with Paris agreement targets in particular,” he said.

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Robert Bell, chief executive of 86 400 said that Cuscal had helped the bank to invest heavily in their technology over the past two years. “Over the last two years – and with the support of Cuscal – we’ve invested heavily in building proprietary technology that will change the way retail banking is delivered in Australia,” he said. The capital raising is in line with the banks business plan, which requires more than $250 million of capital over the first three years of operation to fund its growing balance sheet.

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When it comes to their investment selection process, 29 per cent of women said it is ‘very important’ that their portfolio contains companies that have good and ethical ESG standards, compared to 19 per cent for male investors. The research comes as Fidelity International, Australia has published a report that has found women are investing less. Suzie Toohey, global head of Client Service and Sales at Investment Trends said that while the rise shows that more women are building their wealth and moving towards an independently secured financial future, more still needs to be done.

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