Westpac was sidetracked by its virtue signalling

Peter Dutton once advised companies to stick to their knitting, their core business. His wisdom has been proved in spades by the Westpac debacle. As Paul Kelly writes, “Westpac has been misled and deluded by its virtue signalling” on such matters as climate change, gay marriage and diversity, thereby becoming “an obsessive moral guardian of progressiveness” (“Despite Westpac, business is key to a reform agenda”, 27/11).

In their personal lives, Westpac’s employees can espouse causes. But, wearing a corporate hat, in the interests of stakeholders, they must devote themselves to finance, Westpac’s raison d’etre. Irrelevant virtue signalling has, in their case, to borrow from the Dutton analogy, caused Westpac to drop a stitch that seems to have pulled the wool over its corporate eye.

John Kidd, Auchenflower, Qld

The head of the Business Council of Australia has warned against a bank bashing bonanza (“Failures no excuse for ‘bank bashing’ ”, 27/11). I am not going to heed that warning and, given their participation in the same-sex marriage question and now the global warming scam, I am not going to be denied the pleasure of bashing them and their lazy executives at every opportunity. Peter van Onselen nails it when he identifies a culture of arrogance. If the overpaid executives left social engineering to those whose obsession it is, maybe they would have been able to focus on their obligation to basic morality. It is only their commitment to green-left orthodoxy that saves them from calls for the removal of their licence to operate.

Frank Pulsford, Aspley, Qld

Westpac’s CEO Brian Hartzer dug his own grave with his “this is not a major issue so we don’t need to overcook this” comment. It is a classic case of one’s goose is cooked for misreading the critical court of public opinion.

Steve Ngeow, Chatswood, NSW

Westpac and Brian Hartzer have generated a welter of moral sanctimony and hyperventilating from across the nation. At issue is not the millions of pension payments flowing into Australia, incorrectly labelled as they were on Westpac’s deficient software platform. No, it’s the paedophiles who have been aided and abetted in their criminal deeds.

But let’s not imagine that other businesses can’t be swept up in this dragnet. Which company provided these individuals with their internet service? Should they do the right thing and resign if it turns out that the paedophiles’ browsing was facilitated. There’s much wriggling still to come from this can of worms.

Charles Macdonald,
Avalon Beach, NSW

Those at the top of Westpac look as though they will escape handsomely rewarded. The huge fine the company receives will be paid by the mums and dads who have Westpac shares in their super. Nice one.

Jeff Tompkins, Albany, WA

I am one of the millions of mainstream Australians going about their daily business who is disgusted with banks that continue to flout regulations resulting in evil behaviour. The cancellation of Christmas parties does not even come near to the drastic actions that must be undertaken.

Ed Sianski, West Moonah, Tas

Whoever is providing PR advice to Westpac management doesn’t seem to grasp the severity of the disaster or how to handle it. As a shareholder already appalled by the ineptitude of the bank’s leaders, I was astounded yesterday, when taking my sister-in-law home from her birthday lunch, to find an expensive floral arrangement delivered on her doorstep by the bank. I would have thought it would need every cent to pay its fine.

Alan Chipp, Hawthorn East, Vic

Judging by recent events concerning Westpac and the banking royal commission, it appears that poorly performing bank directors are rewarded with payouts well in excess of what their subordinates get.

The culture of any organisation starts at the top, so they are accountable for the performance in many ways. I am yet to be convinced that anyone can be a director of more than one company because it is not a ceremonial position, it’s one that needs much closer scrutiny.

Any bonus should be payable only after five years because any decisions they make takes time to trickle down and affect the performance of the company.

John Walker, North Wangaratta, Vic