Subscribe today - find out more
Why you should consider BusinessDesk
Finance

Westpac's governance shortcomings laid bare

Jenny Ruth
Thu, 25 Nov 2021

Westpac's governance shortcomings laid bare
Chair Pip Greenwood says Westpac has already taken corrective steps. (Image: supplied)
Jenny Ruth
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...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Listed Companies market close
NZ shares fall on first day of NZ's omicron outbreak
Ella Somers | Mon, 24 Jan 2022

Eroad led the NZX50 lower after delivering a mixed quarterly sales update. 

Media
Discovery wins Tova bout, ERA orders her to pay damages
Daniel Dunkley | Mon, 24 Jan 2022

The ERA has upheld Discovery's restraint of trade clause in the Tova O' Brien legal battle ensuring that she can't start at Today FM until March.

Markets
NZ shares slow down as traffic light turns red
Ella Somers | Mon, 24 Jan 2022

Aviation and tourism stocks are among those bearing the brunt of Sunday night's red light.

Sponsored
Grape expectation for first major wine auction

Buying wine at auction can be a smart way to build your cellar or discover a world of wine

Sponsored
How to pick the perfect real estate investment now

Now is a good time to get on the property investment ladder - here is how to get there.