Westpac CEO banks with rivals
(4 December 2009 – Australia) The chief executive officer of Westpac, Gail Kelly, will not be feeling the squeeze from Westpac’s 0.45 basis point increase as she does most of her banking with rival institutions.
Ms Kelly’s private investment company, G & A Kelly Investments Pty Ltd, has filed documents with regulators over the recently negotiated credit facility with UBS’s Australian branch; the credit has been secured by up to A$50 million of property.
The Westpac big wig also banks through the investment company, with local rival Commonwealth Bank’s share broking arm, Commonwealth Securities.
A spokesperson for Ms Kelly, said that to be consistent with good corporate governance and avoiding conflicts of interest, it is not uncommon for bank chief executives to have banking facilities with other financial institutions.
Westpac's head of retail banking Peter Hanlon confirmed that he did all of his banking with his employer.
It seems the theme is not uncommon among Westpac CEO’s, Ms Kelly’s predecessor, Dr David Morgan, also derived most of his loans from the Commonwealth Bank according to filings made to the Australian Securities and Investments Commission.
The Westpac big wig also banks through the investment company, with local rival Commonwealth Bank’s share broking arm, Commonwealth Securities.
A spokesperson for Ms Kelly, said that to be consistent with good corporate governance and avoiding conflicts of interest, it is not uncommon for bank chief executives to have banking facilities with other financial institutions.
Westpac's head of retail banking Peter Hanlon confirmed that he did all of his banking with his employer.
It seems the theme is not uncommon among Westpac CEO’s, Ms Kelly’s predecessor, Dr David Morgan, also derived most of his loans from the Commonwealth Bank according to filings made to the Australian Securities and Investments Commission.
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