Westpac chairman Lindsay Maxsted has apologised to shareholders over the money laundering scandal that has engulfed the bank, admitting the lender has more to do to enhance its culture and improve its systems to fighting financial crime
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"In the wake of AUSTRAC’s allegations, the Board and management team are fully committed to taking all steps necessary to urgently close any remaining gaps, and complete the Financial Crime Strategic Plan," he said. "A company’s culture is something that requires constant review, and I want to assure you we are taking this seriously and will reassess our approach as we learn more from the findings of the external reviews that I have talked about," Mr Maxsted said.
shareholders vote against the re-election of longstanding director Peter Marriott. However, several major super funds, and proxy advisers Ownership Matters and the Australian Council of Superannuation Investors have supported Mr Marriott's re-election, saying he is the only director with extensive experience in banking.
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