Institutional and retail shareholders, reeling from the shocking allegations levelled against Westpac, are considering dumping the stock on ethical grounds and will fix their stare on the bank's already embattled leadership ahead of its annual general meeting next month.
As the dust settles on AUSTRAC's explosive 45-page statement of claim, alleging systemic failures to prevent crimes, including the financing of child pornography, investors are reacting emotionally, adding to the pressure on chief executive Brian Hartzer and chairman Lindsay Maxsted.