(Adds background on inquiry, share performance)
Dec 12 (Reuters) - Australia's Westpac Banking Corp (WBC) will receive a protest vote against its executive remuneration plans, the bank's chairman said on Wednesday.
More than half of its shareholders may be against a resolution to approve executive bonuses, Chairman Lindsay Maxsted said, citing votes already received.
Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal for two years running, they can call for the board to be removed.
"This means we will incur a first strike. This sends a strong message to the board," Maxsted said in a statement.
Westpac, which like many of its big banking peers is under fire from Australian regulators for impropriety, lowered short-term variable incentives for its CEO and executives by 25 percent on average in 2018, Maxsted added.
Last month, the country's No.2 lender reported flat growth in full-year cash earnings, principally due to higher costs related to refunds and legal services in the wake of a public inquiry into financial sector misconduct.
Westpac shares, which have shed about 20 percent so far this year, were up slightly at 0244 GMT on Wednesday in a higher overall market (xjo) .
News: WBC UPDATE 1-Australia's Westpac to receive protest vote against executive pay - chairman
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Last
$37.65 |
Change
-0.310(0.82%) |
Mkt cap ! $128.7B | |||
| Open | High | Low | Value | Volume |
| $37.74 | $37.76 | $37.41 | $162.0M | 4.306M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 13932 | $37.62 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $37.68 | 40000 | 1 |
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| WBC (ASX) Chart |