Invest
Westpac apologises during its AGM
The Westpac board has faced the music when the board met its shareholders during the 2019 annual general meeting following AUSTRAC’s probe into the big four bank.
Westpac apologises during its AGM
The Westpac board has faced the music when the board met its shareholders during the 2019 annual general meeting following AUSTRAC’s probe into the big four bank.
Westpac investors have roasted the board and called for the directors to hand back their fees over the bank’s child exploitation scandal.
Outgoing chairman Lindsay Maxsted faced more than two hours of questioning during Thursday’s AGM, with shareholders demanding to know how bank will atone for allegedly allowing money transfers to be linked to child abuse in Asia.
One shareholder noted “you should go now, you should all go”, to the applause of a vocal minority.
‘We are deeply sorry’
Mr Maxsted, who was pressured to bring forward his retirement, began the AGM with an apologetic tone.
“We are deeply sorry,” the chairman said to a snickers and boos from members while stating the board has taken a 20 per cent pay cut and some short-term bonuses to zero.
“We should have implemented more robust transaction monitoring earlier than we did,” the board member continued.
Acting chief executive officer Peter King said he was devastated by the allegations in AUSTRAC’s Statement of Claim.
“That a mistake by Westpac may have exposed anyone, particularly children, to the risk of harm is distressing for all of us.
“By falling short of expectations, we have let down customers, shareholders, the community and our people,” Mr King stated.
Outlook moving forward
Mr King believes the bank will continue to face soft conditions with growth remaining low, interest rates expected to fall further and ongoing regulatory intensity.
“While the environment will continue to drag on performance in the 2020 year, we should see some balance sheet growth without a significant deterioration in credit quality.
“However, there will be extra costs as we work through the remaining regulator issues,” Mr King concluded.
At the time of writing, the price of Westpac Banking Corp had fallen by 1.23 per cent to 24.08 a share.
RELATED ARTICLES
About the author
About the author
Stock market
International stocks: Diversifying your portfolio beyond Australia
In an increasingly globalized market, Australian investors have the opportunity to enhance their investment portfolio by incorporating international stocks. Diversifying your investments globally can ...Read more
Stock market
Stock market rally likely to continue regardless of Fed minutes tone, says deVere CEO
The bull run that has propelled Wall Street's major indexes to record highs this month is expected to continue regardless of the tone of the upcoming Federal Reserve minutes, according to Nigel Green, ...Read more
Stock market
US stock rally driven more by valuation growth than earnings, leaving tech names vulnerable: Innova
The strong gains in US stocks over the past year, particularly in the technology sector, have been driven more by expanding valuations than underlying earnings growth, leaving them exposed to a ...Read more
Stock market
Sun Silver to make its ASX debut with a $13 million IPO
Sun Silver Limited (proposed ASX Code: "SS1") has announced the opening of its Initial Public Offering (IPO) today, aiming to raise a minimum of $10 million and a maximum of $13 million (before costs)Read more
Stock market
Nasdaq hits record high, underscores the value of tech in investment portfolios
The Nasdaq Composite's surge to an all-time high last Friday highlights the importance of incorporating technology into investment strategies. Read more
Stock market
Apple sets an unprecedented profit pace within the GAFAM group in 2023
After navigating through the economic difficulties presented in 2022, the technology sector has demonstrated resilience and growth, with many companies seeing increases in revenue and stock value. Read more
Stock market
Fintech startup okoora unlocks over $3 billion in forex savings for businesses
Fintech innovator okoora has announced it has saved customers a monumental amount over $3 billion through international foreign exchange transactions. Read more
Stock market
Google's Gemini edges out ChatGPT4 in groundbreaking AI showdown
Google's latest AI model, Gemini, has edged out OpenAI's ChatGPT4 in a recent set of rigorous multi-discipline tests, marking a significant milestone in the large language model (LLM) sector. Read more
Stock market
International stocks: Diversifying your portfolio beyond Australia
In an increasingly globalized market, Australian investors have the opportunity to enhance their investment portfolio by incorporating international stocks. Diversifying your investments globally can ...Read more
Stock market
Stock market rally likely to continue regardless of Fed minutes tone, says deVere CEO
The bull run that has propelled Wall Street's major indexes to record highs this month is expected to continue regardless of the tone of the upcoming Federal Reserve minutes, according to Nigel Green, ...Read more
Stock market
US stock rally driven more by valuation growth than earnings, leaving tech names vulnerable: Innova
The strong gains in US stocks over the past year, particularly in the technology sector, have been driven more by expanding valuations than underlying earnings growth, leaving them exposed to a ...Read more
Stock market
Sun Silver to make its ASX debut with a $13 million IPO
Sun Silver Limited (proposed ASX Code: "SS1") has announced the opening of its Initial Public Offering (IPO) today, aiming to raise a minimum of $10 million and a maximum of $13 million (before costs)Read more
Stock market
Nasdaq hits record high, underscores the value of tech in investment portfolios
The Nasdaq Composite's surge to an all-time high last Friday highlights the importance of incorporating technology into investment strategies. Read more
Stock market
Apple sets an unprecedented profit pace within the GAFAM group in 2023
After navigating through the economic difficulties presented in 2022, the technology sector has demonstrated resilience and growth, with many companies seeing increases in revenue and stock value. Read more
Stock market
Fintech startup okoora unlocks over $3 billion in forex savings for businesses
Fintech innovator okoora has announced it has saved customers a monumental amount over $3 billion through international foreign exchange transactions. Read more
Stock market
Google's Gemini edges out ChatGPT4 in groundbreaking AI showdown
Google's latest AI model, Gemini, has edged out OpenAI's ChatGPT4 in a recent set of rigorous multi-discipline tests, marking a significant milestone in the large language model (LLM) sector. Read more
