Westpac withdraws AGM resolutions
The Westpac board has withdrawn two resolutions from its 2019 notice of annual general meeting following the resignation of the bank’s chief executive and managing director, Brian Hartzer.
The two resolutions were the re-election of Ewen Crouch as a director and the grant of equity to the managing director and chief executive, Westpac said in an announcement to the Australian Securities Exchange (ASX).
“These items are no longer required following the board’s announcement…. including Brian Hartzer will be stepping down as CEO effective Monday 2 December, 2019, and that Ewen Crouch has decided he will not be seeking re-election at the upcoming Westpac AGM. Therefore these items will not be put to a vote at the AGM,” it said.
Nerida Caesar and Peter Marriott are up for re-election, as well as the election of Steven Harker and Margaret Seale as directors.
Other items of business for the AGM include financial reports, remuneration report, conditional spill resolutions, and resolutions requisitioned by shareholders.
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
