Westpac shareholders have despatched an amazing message of dissatisfaction, with greater than half voting in opposition to the financial institution’s remuneration report.
That is greater than twice the 25-per-cent threshold required to set off a primary strike in opposition to Westpac’s board. If subsequent yr’s remuneration report receives a vote in opposition to of greater than 25 per cent, it’ll give shareholders the choice to spill the complete board.
Westpac’s chairman Lindsay Maxsted foreshadowed the overwhelming no vote in his opening tackle to shareholders.
“The important thing level from these voting in opposition to the remuneration report has been that though the board took occasions over the yr into consideration, many have questioned whether or not we went far sufficient, significantly in decreasing short-term variable reward paid to the CEO and different executives,” Mr Maxsted mentioned.
Westpac lower the short-term variable pay of its executives by a median of 25 per cent, with the biggest particular person discount of 50 per cent.
The financial institution’s chief govt Brian Hartzer took a 30 per cent, or $900,000, pay lower final monetary yr.
Though a vote on the report had not been taken when he made his speech, the huge bulk of votes solid at firm AGMs are accomplished by proxy, with most outcomes decided earlier than shareholders collect within the room.
Extra to come back.