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Westpac names 2 directors

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Westpac names 2 directors

Australia's Westpac Banking Corp. said Dec. 12 that it appointed Peter Nash and Anita Fung directors to its board.

Meanwhile, the bank's shareholders voted against the remuneration report for the year ended Sept. 30 during their annual general meeting on Dec. 12. Since more than 25% of the shareholders' votes were cast against the resolution on the remuneration report, it constituted a first strike for the purposes of the Corporations Act 2001, the bank noted.

Under the Corporations Act, if more than 25% of shareholders vote against a pay proposal for two consecutive years, they can call for the board to be removed.