$90 billion bank powerhouse turns to the Cats’ president to fix its mess
Westpac is facing the darkest time in its history after being accused of allowing the financing of terror operations and child exploitation. This is why the bank called in Colin Carter for help.
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One of footy’s sharpest business brains — Geelong Cats president Colin Carter — will cast his forensic eye over how Westpac ended up accused of breaching money laundering laws 23 million times.
The bank is a $90 billion ASX powerhouse but fell into disgrace amid facing accusations its failures could have allowed the financing of terror operations or child exploitation in the Philippines.
The scandal has already seen the sacking of bank chief Brian Hartzer and prompted the early retirement of chair Lindsay Maxsted.
It has now been revealed the bank has tapped Carter — a founding partner of Boston Consulting Group in Australia — to help it salvage its reputation.
Carter has been appointed to the three-member advisory panel overlooking how the besieged bank’s board assessed risk and accountability in relation to the alleged breaches.
Carter joins previously announced panel members Dr Ziggy Switkowski — the former Telstra boss — and Dr Kerry Schott.
“The Panel will provide recommendations on Board risk governance and accountability in relation to financial crime, an important part of Westpac’s work to raise standards and fix any gaps,” the bank said.
Carter has run a smooth financial machine at the Cats, raking in revenue of $60 million a year.
The Cats president is viewed in the business world as having a firm grasp on how boards should handle thorny ethical issues.
For instance, Carter has been on the front foot tacking the Cats away from gambling revenue and says it will be pokies free by the end of this year.
“We ensured our stadium was free of gambling advertising. We reduced our reliance on gaming and are very close to totally exiting the gaming industry,” he said last year.
“In the years ahead revenue from these ventures will be seen in an even more negative light. We expect to be out of gaming and gambling by the end of the year, and at the same time will have retired all of our debt for the first time in around 50 years.”
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Carter has confirmed he will stand down from the club’s board at the end of the 2020 season.
“(Carter) has wide industry knowledge of corporate governance issues, having carried out Board performance reviews for a number of companies and co-authored a book on Boards, ‘Back to the Drawing Board’, published by Harvard Business School Press,” Westpac said in a statement.