Accountability Review Advisory Panel

ASX
Release


20 December 2019

Westpac announces Accountability Review Advisory Panel members

Westpac Group has today announced the names of two of the independent Advisory Panel
members who will review Board risk governance and Board accountability in relation to the
issues raised in AUSTRAC’s Statement of Claim.

Dr Ziggy Switkowski AO and Dr Kerry Schott AO will form part of a panel that will provide
recommendations on Board risk governance and Board accountability as part of Westpac’s
broader AUSTRAC response plan. The response plan also includes work by Promontory to
provide assurance over Westpac’s assessment of management accountability and the
adequacy of Westpac’s Financial Crime Program.

Chairman Lindsay Maxsted said Westpac was pleased to appoint such high-calibre individuals
to the Panel.

“We are determined to deal with shortcomings in our financial crime processes in a
comprehensive and durable manner.

“The Panel will contribute to this through recommendations on the Board’s risk governance
processes and the Board’s operation within those processes, as these relate to financial crime
matters.

“We look forward to receiving the findings of both Promontory’s and the Advisory Panel’s
reviews. They will be important inputs to our work to raise standards and fix any gaps in
Westpac’s financial crime-related processes,” Mr Maxsted said.

Westpac will make the recommendations of the Panel’s review public.

The third Panel member will be announced at a later date.

Biographies for Dr Switkowski and Dr Schott are provided below.







Level 18, 275 Kent Street
Sydney, NSW, 2000

Advisory Panel members


Dr Ziggy Switkowski AO

Dr Switkowski is Chancellor of RMIT University, Chairman of NBN Co and a Director of
Tabcorp Holdings.

Dr Switkowski is a former Chairman of Suncorp Group, the Australian Nuclear Science and
Technology Organisation and of Opera Australia. He has also served as a non-executive
director on the boards of Healthscope, Oil Search, Lynas and Amcor.

He has previously held positions as Chief Executive Officer and Managing Director of Telstra
Corporation Limited and Optus Communications Ltd.

He is a Fellow of the Australian Academy of Science, the Australian Academy of Technological
Sciences and Engineering and the Australian Institute of Company Directors.

In 2014, Dr Switkowski was made an Officer of the Order of Australia in recognition of service
to tertiary education administration, scientific organisations and the telecommunications sector,
to business, and to the arts.


Dr Kerry Schott AO

Dr Schott is Chair of the Energy Security Board and a Director of NBN. She is also a member
of the Advisory Board for City and SouthEast Light Rail.

Dr Schott was Managing Director and CEO of Sydney Water from 2006 to 2011. Before that,
she spent 15 years as an investment banker, including as Managing Director of Deutsche
Bank and Executive Vice President of Bankers Trust Australia. She also worked in the public
service and academia.

Dr Schott holds a doctorate from Oxford University. She was awarded an Order of Australia in
2015 for distinguished service to government and business, and has been awarded honorary
doctorates from The University of Sydney, The University of Western Sydney and The
University of New England.



For further information:

David Lording Nicole Mehalski
Group Head of Media Relations Investor Relations
0419 683 411 0466 434 631



This document has been authorised for release by Timothy Hartin, Group Company Secretary.