Westpac CEO Pushed Out amidst Child Exploitation Scandals - Management Assignment Help

Assignment Task:

Task:

Westpac Chief Executive Officer, Brian Hartzer has become the first casualty of the money laundering and child exploitation scandal that has engulfed the major bank. He has been pushed out as Westpac, a major lender, battles an investigation by Australia’s financial intelligence agency over a money laundering and child exploitation scandal.

The bank’s leader stepped down on December 2, 2019 with a hefty golden handshake of 12 months’ pay, which amounts to $2.7 million. Westpac Chairman, Lindsay Maxsted said that the board had accepted the “gravity” of the issues raised by AUSTRAC.
“As was appropriate, we sought feedback from all our stakeholders including shareholders and having done so, it became clear that board and management changes were in the best interest of the bank,” he said in a statement released to the Australian Securities Exchange.
Mr Hartzer said that he was ultimately accountable for everything that happens at the bank. “It is clear that we have fallen well short of what the community expects of us, and we expect of ourselves,” he said in a statement issued by Westpac.

It comes after a report in The Australian revealed Mr Hartzer attempted to lobby support from Westpac’s senior leaders by saying the scandal was not playing out as a high street issue. He added that reading the newspapers like the Fin (The Australian Financial Review) and The Australian, makes everyone believe that the world is ending, but people in mainstream Australia go about their daily lives, “this is not a major issue, so we don’t need to overcook this.’’

Mr Maxsted will also bring forward his retirement to early 2020, while Director Ewen Crouch — who was in charge of risk and compliance — did not stand for re-election at the Westpac Annual General Meeting on December 12, 2019.

This Management Assignment has been solved by our Management Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.