Westpac Braces for Shareholder Anger Over Money Laundering Probe
- Bank faces protest votes against pay, director re-election
- Support from big pension funds is likely to ease the pain
Pedestrians are reflected in a Westpac Banking Corp. logo in Sydney, Australia.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Westpac Banking Corp. is bracing for a stormy annual general meeting Thursday as shareholders prepare to rebuke the lender over accusations it committed the biggest breach of money laundering laws in Australian history.
Protest votes against both its pay report and the re-election of some directors loom following ballot recommendations from influential proxy advisers and the local retail shareholders’ association.