The Australian Council of Superannuation Investors welcomes the action taken by Westpac in announcing CEO and Board changes.
ACSI CEO Louise Davidson said “Long-term investors made it clear to Westpac that accountability was required. This includes a preparedness to take proportionate action to improve governance and for the impact of these events to be fully reflected in remuneration outcomes.”
“The actions taken today reflect the seriousness of the incidents and the failure of the bank to meet community expectations. ACSI will continue to engage with Westpac on a range of issues to determine whether further action is needed.”
“It is still unclear how these significant issues came to occur, and why a fulsome investigation was not initiated earlier.”
“Investors want to see Westpac’s culture and governance strengthened to avoid a repeat of these issues. We believe that this crisis warrants further board renewal in the new year to support rebuilding public trust.”
“We will be continuing to engage closely with Westpac to monitor its progress on remediation and improvement.” She said.