thanks westpac, page-49

Well I was all set to go the Westpac meeting tomorrow but unfortunately something else has come up.

I hope some shareholders will be game to remind these overpaid directors ( not just Westpac , a lot of other companies ), how much value they have destroyed in the past year.

Particularly companies which were doing big buybacks at the top of the market and now need to raise capital in a dilutionary way at the bottom of the market. Buy high, sell low, not smart.

Now directors cannot be held responsible for the overall global financial crisis, but capital management is a KEY COMPETENCY of public company directors and one which many companies ( including our major banks ) , have managed VERY POORLY. And that is something for which they should be held responsible.


And in pre 2008, how many of you guys would have been egging companies on to be more expansionary and take the golden opportunties out there.
Notice GPT when it was conservatively geared. Those directors that didnt want to join with BnB got beaten down by the 'expert' funds managers and agressive retail investors.

Unfortunately you reap what you sow.