Bonuses withheld at Westpac

Westpac’s most senior executives and some of its general management team will have their bonuses withheld until the big banking group fully investigates and determines who was responsible for its AUSTRAC breaches.

The withholding of bonuses was announced at the same time as Westpac announced a response plan to the AUSTRAC allegations declaring the bank was determined to urgently fix the issues and lift its standards.

The move was announced by Westpac chair, Lindsay Maxsted, who said that while the bank had acted in a range of areas ahead of the AUSTRAC statement of claim, the allegations indicated there’re was still unacceptable shortcomings.

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“We accept that we have fallen short of both our own and the regulators’ standards and are determined to get all the facts and assess accountability,” he said.

“In the interim, the board has determined that either all or part of the grant of the 2019 Short Term Variable Reward will be withheld to the full executive team and several members of the general management team subject to the assessment of accountability.”

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Really easy, start at the top of the chain for responsibility. I guess the next step will be to appoint a big 4 firm, probably get one that overlooked the incidents at the other banks from fee to no service through to the other matters. The merry go round gravy train goes around again. And who gets punished only - the public. Appears big end is above the law and looks down from the tower and laughs at how everyone is walking around like little ants just to be stepped on again.

Withheld but not cancelled. "Don't worry boys, just let this blow over and then you'll get your bonuses, just put the 10th investment property on hold for a few months"

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