Westpac's governance shortcomings laid bare

Chair Pip Greenwood says Westpac has already taken corrective steps. (Image: supplied)

Thu, 25 Nov 2021

The Reserve Bank said an independent report on Westpac NZ's risk governance shows its concerns were "well founded" and the Australian-owned bank's board has "material shortcomings" in its oversight."In short, the risk governance of Westpac NZ's board needs to see significant improvement," said deputy governor and head of financial stability Geoff Bascand.In March, RBNZ ordered Westpac to commission an independent report to address the central bank's concerns following material compliance issues.On t...

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