The bank is accused of breaching money-laundering laws 23-million times and failing to detect money funneled to child pornographers
Westpac Banking CEO Brian Hartzer. Picture: REUTERS/DAVID GRAY
A second proxy advisory firm, CGI Glass Lewis, is also recommending Marriott’s departure but stopped short of calling for a vote against the remuneration report and Caesar’s re-election. Under mounting pressure from institutional investors and government ministers, CEO Brian Hartzer resigned on Tuesday, chair Lindsay Maxsted brought forward his retirement, and director Ewen Crouch, who heads the risk committee, said he wouldn’t seek re-election to the board.
“We demand very high standards from our financial institutions, and it’s right we demand high standards, and it’s right we expect those standards to be met,” Reserve Bank of Australia governor Philip Lowe said after a speech on Tuesday night. “And when they’re not met there needs to be accountability.”
Kim Farrant, a portfolio manager for responsible investments at pension fund VicSuper, said the volume of under-reporting exposed by the lawsuit showed “a material lack of due diligence of both correspondent banks and customers and point to a direct failure by Westpac’s senior management and board.
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