Hartzer’s losses put at close to $13m

Westpac‘s Brian Hartzer has lost up to $12.6m worth of rights and direct share grants after formally finishing at the bank.

Former Westpac chief executive Brian Hartzer has lost up to $12.6m worth of performance rights and direct share grants after formally finishing at the bank last Friday.

Mr Hartzer was forced to fall on his sword after the financial crimes agency, Austrac, lodged damaging action against the bank last month alleging it broke the law 23 million times and helped facilitate child exploitation.

A notice filed with the ASX said Mr Hartzer had forfeited more than 646,000 long-term performance rights over Westpac shares. While the valuation of the rights changes in relation to the share price, Westpac executive performance share rights were valued at $19.03 at the end of the 2019 financial year.

Mr Hartzer also gave up an ­additional 20,933 shares under a CEO plan.

Mr Hartzer still has $3.2m worth of Westpac shares (or the equivalent of 130,000) that he holds either directly or indirectly, according to a notice lodged with the ASX.

He will pocket fixed pay of $2.7m in lieu of being paid out his 12-month notice period.

Westpac last month scrapped its attempt to seek shareholder ­approval for Mr Hartzer’s proposed FY20 long-term variable ­reward.

The bank’s shares fell to their lowest level in more than nine months on Monday, losing a further 1.3 per cent to $24.44. The stock has amassed losses of about 8.8 per cent since the damning Austrac action was made public.

Peter King, the acting Westpac chief executive, has more than $2.6m in Westpac shares, the ASX notice said.