Westpac's next chairman will face investor pressure to rethink senior executive pay at the embattled bank, after a shareholder backlash reignited calls for the board to cut or claw back bonuses
Westpac's next chairman will face investor pressure to rethink senior executive pay at the embattled bank, after a shareholder backlash reignited calls for the board to cut or claw back bonuses., where more than a third of shareholders opposed the remuneration report, a key proxy adviser and the superannuation giant HESTA on Friday highlighted concerns with the bank's executive pay arrangements.
"NAB had zeroes for everybody this year and re-based their prior year bonuses, so I think Westpac should be considering how it fits into the market," Mr Kolesnikoff said. The bank has frozen short-term bonuses as it vows to get to the bottom of the scandal and who is accountable for the failings, but some say this is not enough.
Although big investors including AustralianSuper supported the remuneration report and Mr Marriott, the meeting results illustrate the shareholder anger that is likely to face the next chairman of Westpac.
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