1. Westpac Chairman Lindsay Maxsted strikes back over Executive Pay

    Westpac Chairman Lindsay Maxsted strikes back over Executive Pay

    Westpac Banking Corp chairman Lindsay Maxsted says his board was fully aware of a software write-off when it approved more than $10 million in bonus payments to top executives and plans to convince investors the allegation that dodgy accounting led to ...

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    1. We are not entirely happy with what has occurred because management should be aligned with long term shareholders and this comes at a cost to shareholders
    2. The banks need to make their executives more accountable for lower performance and lower EPS and losses on projects.
    3. The role of the board is defined as ensuring that it informs a view of the risk culture in the institution and the extent to which that culture supports the ability of the institution to operate consistently within its risk appetite.
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