Westpac’s money laundering scandal linked to child exploitation is leading to mounting pressure for its chief executive to step down.
According to Prime Minister Scott Morrison, he found the transactions disturbing and the related behavior despicable but underlined that it was up to Westpac’s board to determine whether or not its CEO Brian Hartzer should resign.
«They should be taking this very seriously, reflecting on it very deeply and taking the appropriate decisions for the protection of people’s interests in Australia - their safety,» Morrison told Australian Broadcasting Corp.
Judgement Day
Last year, more than a quarter of the company’s shares voted against its executive pay plans in the meeting and under Australian law, if the same occurs for the second consecutive year come December 12’s shareholder meeting, the entire board can be removed.
Shareholders are expected to engage the board on the major scandal involving 23 million breaches, with reports claiming support from the likes of the Australian Council of Superannuation Investors and shareholder activist Australasian Center for Corporate Responsibility.
