Westpac has named its third and final member for its advisory panel assessing the bank’s board risk and accountability around the issues raised in the AUSTRAC scandal.
Colin Carter has joined previously added members Ziggy Switkowski and Dr Kerry Schott.
The panel will provide recommendations on board risk governance and accountability in relation to financial crime, as part of the group’s broader AUSTRAC response plan.
Mr Carter’s appointment has come after APRA formally commenced an investigation into the bank, which will examine whether Westpac, its directors and senior managers breached the Banking Executive Accountability Regime (BEAR).
The regulator also increased Westpac’s capital requirements by $500 million to $1 billion.
Mr Carter is reported to have more than 30 years’ experience in management consulting, advising on organisational strategy and governance issues.
He has carried out board performance reviews for a number of companies. He was a non-executive director of Wesfarmers for 12 years, as well as Seek for 13 years and a former chairman of Jawun and director of Origin Energy, World Vision and the AFL Commission.
Westpac was also hit with a class action lawsuit towards the end of December from irate shareholders.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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