This corporate governance statement describes our
corporate governance platform, policies and practices because
at 5 November 2013.
Framework and approach
Each of our approach to corporate governance is dependent on a set of
ideals and behaviours that underpin day-to-day actions,
provide openness and reasonable dealing, and seek to shield
This approach features a commitment to excellence in
governance criteria, which Westpac sees since fundamental
towards the sustainability of your business and our functionality. It includes monitoring local and global improvements in
company governance and assessing all their implications.
We certainly have equity investments listed in securities exchanges in
Sydney, New Zealand and the United States.
We comply with the ASX Corporate Governance Guidelines
and Suggestions (ASXCGC Recommendations)
published by the ASX Limited's Corporate Governance
Council (ASXCGC). We must as well comply with the
Corporations Action and as an ADI must comply with
governance requirements prescribed by APRA under
Prudential Standard CPS 510 (Governance).
This affirmation addresses all the eight ASXCGC
Recommendations with an explanation of our corporate
governance practices, demonstrating our complying with
each Recommendation. A checklist summarising our
compliance is included at the conclusion of this statement.
Further information regarding the ASXCGC Recommendations may
be found for the ASX Limited (ASX) web page
Westpac also has ordinary shares cited on the NZSX,
which is the primary board value security market operated by
NZX Limited (NZX). Since an overseas listed company in New
Zealand, we are deemed to satisfy and abide by the
NZSX Listing Rules, provided that we remain listed on the
ASX and comply with the ASX List Rules.
The ASX, throughout the ASXCGC Recommendations, and
NZX, through the NZX Corporate Governance Best Practice
Code, include adopted similar вЂcomply or perhaps explain' ways to corporate governance. However , the ASXCGC
Suggestions may materially differ from the organization
governance rules and the concepts of NZX's Corporate
Governance Best Practice Code.
Westpac features American Depository Shares (ADS)
representing it is ordinary stocks and shares quoted for the New York
Stock market (NYSE). Under the NYSE Real estate Rules,
foreign private issuers are acceptable to follow country practice in regards to corporate governance in lieu of the
NYSE Real estate Rules. Yet , we are still required to
abide by certain examine committee and additional
We comply in all materials respects using NYSE Listing
Rules relevant to all of us.
Under the NYSE Listing Rules, foreign personal issuers are
required to disclose any significant ways in which all their
corporate governance practices differ from those and then domestic US companies. We certainly have compared each of our corporate
governance practices to the corporate governance
requirements with the NYSE Record Rules and note the
significant distinctions below.
The NYSE Listing Rules need that, subject to limited
exclusions, shareholders receive the opportunity to vote on fairness compensation strategies and material revisions to the people
In Australia there are zero laws or securities exchange listing guidelines that require shareholder approval of equity based
incentive programs or individual grants beneath those programs (other than for Owners, including the Chief Executive Officer
Westpac's employee fairness plans have been disclosed in
the Remuneration report in Section 9 of the Directors' report, which is subject to a nonbinding aktionar vote with the
Annual General Meeting (AGM) and funds to our CEO are
approved by shareholders. The facts of all grants or loans under
our equity-based bonus plans have already been disclosed in
Note 25 of our financial statements to get the year finished
30 Sept. 2010 2013.
The NYSE Listing Rules offer that...