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Westpac Review Team 2018 Recommendations and Commentary on Remuneration

In: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Author

Listed:
  • Francesco de Zwart

    (University of Adelaide)

Abstract

Chapter 15 of the Stage 2 Key Code and Advanced Handbook for the governance of Australian major banks examines the Westpac Review Team 2018 recommendations and commentary on remuneration. This commences with Westpac’s remuneration approach for fixed and variable remuneration. Next, we examine Westpac’s risk gates for short term variable reward, Westpac’s risk adjustments for short term variable reward and Westpac’s navigation and consistency of frameworks and policies. There follows discussion of Westpac’s use of malus provisions, Westpac’s deferral of variable reward and its implementation of the Sedgwick recommendations. The discussion turns to Westpac’s non-remuneration components of consequence management and, to conclude, Westpac’s factors that inform accountability outcomes - accountability frameworks and policies, diffusion of accountability and the BEAR.

Suggested Citation

  • Francesco de Zwart, 2022. "Westpac Review Team 2018 Recommendations and Commentary on Remuneration," Springer Books, in: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia, edition 1, chapter 0, pages 627-639, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-1710-2_15
    DOI: 10.1007/978-981-16-1710-2_15
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