Westpac to suffer first strike on exec pay
Westpac is set to suffer a first strike from shareholders after more than 50 per cent of early votes were cast against the bank's remuneration report.
Chairman Lindsay Maxsted has told the bank's annual general meeting in Perth that more than half the votes received so far have gone against the pay structure, with shareholders citing unhappiness over bonuses.
"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," Mr Maxsted said.
