Westpac has avoided an embarrassing third consecutive strike against its remuneration proposal after shareholders voted overwhelmingly in favour of its plan after it elected to zero the short term bonuses of senior executives.
The bank received 97.3 per cent of votes and proxies cast in favour of the remuneration proposal of those submitted 48 hours before the commencement of annual general meeting.
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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
