(Reuters) - Top executives of Australia and New Zealand Banking Group <ANZ.AX> face a reduction in their base fees for fiscal 2019, the bank said on Monday, after the findings of a damning financial sector inquiry invited intense scrutiny.
Fees will be cut 20 percent for non-executive directors and the chairman next year, it said in an annual report that reiterated expectations of a weaker retail banking environment in Australia.
In a similar move in September, National Australia Bank <NAB.AX> had cited legal and public backlash from the findings of the royal commission.
The year-long royal commission examining the financial sector uncovered widespread instances of wrongdoing by all Australia's major banks, wiping billions from their market capital.
Last month, ANZ said second-half profit fell 13 percent because of compensation paid to wronged customers. At the time, it announced cuts of about A$124 mln ($89.09 mln) to staff variable pay, but left unchanged remuneration for Chief Executive Shayne Elliott in 2018.
The bank's shares were up about 1.3 percent by 0415 GMT, outperforming the benchmark <.AXJO>, which was down about 0.4 percent.
(Reporting by Ambar Warrick in Bengaluru; Editing by Clarence Fernandez)
