Westpac Gets First Strike At AGM Over Remuneration Report

(RTTNews) - Australia's Westpac Banking Corp. (WBC.AX, WBK) has been hit by first strike at its annual general meeting despite cutting CEO bonus.

The shareholders have revolted against the bank's payments to top executives. More than 63 percent of proxy votes rejected its remuneration report.

Chairman Lindsay Maxsted at the bank's AGM said that it would receive a first strike over the remuneration report. Maxsted noted that while the poll on the report has not been taken, based on votes already received, more than half was against this resolution. "Feedback from shareholders has varied, but the key point from those voting against the remuneration report has been that although the Board took events over the year into account, many have questioned whether we went far enough, particularly in reducing short term variable reward paid to the CEO and other Executives," he said.

CEO Brian Hartzer's cash bonus was down 30 percent to A$1.04 million for a year. Hartzer's total realised remuneration fell 9.4 percent to A$4.94 million from A$5.46 million.

At the AGM, the company said it is asking shareholders to vote on the appointment of two new directors, Peter Nash and Anita Fung. One of the current directors, Peter Hawkins, will retire from the Board at the conclusion of the 2018 AGM.

In Australia, Westpac shares gained 1.6 percent to trade at A$25.47.