Humbled Westpac faces shareholder anger

Original article by Glenda Korporaal
The Australian – Page: 17 & 20 : 9-Dec-19

Some 64 per cent of votes cast at Westpac’s 2018 annual meeting rejected its remuneration report. The bank is likely to incur a second ‘strike’ at its 2019 annual meeting on 12 December, while the re-election of director Peter Marriott is uncertain in the wake of the scandal over breaches of anti-money laundering laws. However, Westpac is likely to avoid a resolution calling for a board spill. The Australian Shareholders’ Association and proxy adviser ISS will vote against the remuneration report, although the ASA will oppose any push to spill the board.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, OWNERSHIP MATTERS PTY LTD, CGI GLASS LEWIS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

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