SYDNEY: (Business Emerge/Australia) Westpac’s annual meeting recorded a significant level of dissent over the reelection of non executive director Peter Nash, marking another instance of shareholder concern linked to his association with the Australian Securities Exchange. The bank confirmed that Nash secured the required support to remain on the board, although a large portion of votes opposed his return.
The meeting took place on Thursday in Sydney, where shareholders reviewed board positions and raised questions about governance. Nash received slightly more than the minimum backing of fifty percent that is needed to retain a board seat. About two fifths of votes were cast against him, based on the outcome filed on the public disclosures platform.
This result followed a separate vote at Mirvac Group’s annual meeting on November 20, where more than one quarter of participating investors declined to support his reelection. Proxy advisory firms had earlier suggested that shareholders consider voting against Nash at Westpac, citing his six year tenure at the Australian Securities Exchange until he stepped down in September. The exchange has been navigating tighter regulatory examination following operational disruptions, including a market outage that affected trading and settlement systems last year.
The annual meeting also drew public demonstrations outside the venue. A group of climate activists staged a protest against the bank’s financing for businesses involved in fossil fuel production. Their presence formed part of broader debates across the Australian financial sector about lending practices and the transition to lower emission activities.
Inside the meeting, Westpac Chief Executive Anthony Miller addressed the rise in online financial scams. He noted that the bank and others in the sector have increased spending on fraud prevention but stressed that the scale of digital crime requires more involvement from technology firms. Miller referenced social media platforms and said that financial institutions could not, on their own, stem the growth of fraudulent activity directed at consumers.
Miller stated that Westpac had invested more than five hundred million Australian dollars over the past five years to improve oversight, detection and customer protection measures. He indicated that stronger coordination across industries is needed to reduce exposure to online criminal activity. Meta, which operates several major social media platforms, did not provide an immediate comment to the bank on the concerns raised during the meeting.
The chief executive also discussed economic conditions, noting that household spending had improved following earlier rate adjustments by the Reserve Bank of Australia. He added that confidence indicators had strengthened in some segments, though inflation pressures continued to pose challenges. The central bank maintained its benchmark rate at three point six percent earlier this week and signalled that future movements would depend on the trajectory of inflation.
Miller told shareholders that the broader outlook carried both risks and potential areas of growth. He referenced global uncertainties and the persistence of domestic inflation but remarked that the shift in consumer activity following previous rate cuts had offered some support to economic momentum.
Looking ahead, Westpac is expected to maintain its focus on regulatory compliance, operational investment and risk management as it navigates shareholder concerns and an evolving economic environment. The board’s composition may continue to draw scrutiny, particularly as investors monitor developments at the Australian Securities Exchange and assess its recent operational reforms. The bank is also likely to face continued engagement with consumer groups and environmental organisations that have raised questions about lending policies.
Market observers anticipate that the interaction between financial institutions and major technology platforms will remain an important area of discussion, particularly as authorities explore new measures to address online fraud. Westpac’s leadership indicated that further action could be necessary if scam activity continues to expand across digital channels.
