Governance Matters



Westpac is committed to the highest standards of governance based on embedding the values and behaviours required to ensure transparency, fair dealing and to protect stakeholder interests. Westpac’s full corporate governance statement is set out in the 2008 Annual Report. The statement can also be accessed, together with all documents referenced (unless otherwise stated), in the corporate governance section at www.westpac.com.au/corpgov

Summarised below are key elements of Westpac’s corporate governance policies and framework, which comply with all of the revised ASX Limited’s Corporate Governance Council (ASXCGC) Principles and Recommendations published in August 2007.

Key Governance Milestones During 2008

• David Morgan’s retirement as CEO and Director

• Gail Kelly’s appointment as CEO and to the Board

• Lindsay Maxsted’s appointment to the Board

• Code of Conduct and the broader Principles for Doing Business reviewed

• One of the leading performances in the 2008/09 Dow Jones Sustainability Index

• Reviewed our risk management frameworks

• Continued top-rating (10.0) in the fifteenth consecutive corporate governance assessment by GovernanceMetrics International

• Expanded the capture of email addresses from shareholders, enabling electronic communication with approximately 25% of    our shareholders

• One of the first banks globally to receive advanced accreditation from APRA and the Reserve Bank of New Zealand under the    Basel II capital framework in December 2007

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