Westpac Board Under Pressure Even After CEO’s Resignation

The transcript discusses the departure of two independent directors from a company's board and the influence of proxy advisory firms on shareholder voting. These firms guide shareholders, including institutional investors, on voting decisions, significantly impacting board elections. Westpac faces reputational challenges, with a significant shareholder vote approaching. The outcome could lead to board changes, as previous AGMs showed strong opposition to the current board. The company must demonstrate credible action to regain shareholder trust.

What is the role of proxy advisory firms in shareholder voting?

• They manage the company's financial assets.

• They replace board members.

• They provide guidance to shareholders on how to vote.

• They directly vote on behalf of shareholders.

How much of Westpac's stock is held by superannuation investors?

• 5-10%

• 10-15%

• 20-25%

• 15-20%

What significant event is scheduled for December 12?

• A shareholder dividend distribution

• A board member election

• The company's annual general meeting

• A new CEO announcement

What was the percentage of voters siding against the company at last year's AGM?

• 84%

• 54%

• 64%

• 74%

What is ISS's recommendation regarding a board spill?

• They have no opinion on the matter.

• They recommend against pursuing a board spill.

• They suggest delaying the decision.

• They recommend pursuing a board spill.