ACSI welcomes Westpac CEO and board change

26 November 2019
| By Jassmyn |
image
image
expand image

The Australian Council of Superannuation (ACSI) has welcomed Westpac’s chief executive and board changes in the wake of the bank’s money-laundering scandal and says the crisis warrants further board renewal in the new year.

ACSI chief executive, Louise Davidson, said that long-term investors had made it clear to Westpac that accountability was required and this included proportionate action to improve governance and for the impact of 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,” she said.

“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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Sharemarkets might have been rallying on the back of central banks’ progress in the inflation fight, if not for Donald Trump’s escalating trade tensions and renewed attac...

19 hours 1 minute ago

Super industry advocates are calling on all parties to prioritise stopping abusers from getting access to their victims’ super....

19 hours ago

Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion....

19 hours 43 minutes ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND