ANZ has admitted Australia's big banks have a long way to go to restore customers' trust after a year in which the country's big four raked in $30 billion in profit while being roasted over mortgage rates, credit cards and internal errors.
The big four's reputation took a hammering as they hiked mortgage rates to help pay for extra capital raising and were called to a Senate committee to face questions over their credit card charges.
Several institutions have also had to refund customers after they were short-changed by accounting errors, with ANZ alone handing back more than $40 million this year after failing to pay enough interest or carry out annual financial adviser reviews.
"There are times the Australian community feels let down by the banks," chief financial officer Shayne Elliott, who will take over from Mike Smith as chief executive in January, told shareholders at ANZ's annual general meeting on Thursday.
"It's clear, like the other major banks, we have to work hard to help improve the industry's reputation.
"We all have to focus even more on culture, ethics and fairness."
ANZ reported a full year cash profit of $7.22 billion in October, just a week after following NAB, Commonwealth Bank and Westpac in hiking mortgage rates despite the RBA holding the cash rate steady.
That huge profit was still below expectations and 15 per cent of shareholders voted against the remuneration report that passed at Thursday's meeting.
"I wont shy away from the fact that our 2015 financial performance wasn't all I hoped it could be," said Mr Smith, whose total remuneration for the year was $10.8 million.
The banks' rate hike was widely criticised by customers and politicians.
"Many people in Australia don't like banks," chairman David Gonski told the meeting in Adelaide.
"I know that we need to continue to work hard to have the respect and trust of our customers and of the wider community.
"We have made mistakes over the years. The key is for us to own up to our mistakes, fix them and learn from the experience."
CBA has expressed similar goals, stating its intention at its AGM last month to become known as Australia's most ethical bank.
But, like its rivals, ANZ's ethical credentials are under scrutiny from investors unhappy at the big four's continued business dealings with carbon intensive resource companies and fossil fuel projects.
Westpac said last week it would not rule out investing in coal projects and would continue to judge each project on merit, while Mr Gonski was quizzed on Thursday over ANZ's dealings with Whitehaven Coal.
He said in his address that ANZ was committed to the UN's goal of restricting the rise in global temperatures to two degrees Celsius, but a motion to change the bank's constitution to force greater disclosure did not garner enough votes to pass.
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