UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
January 23, 2020
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrants name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Incorporation by Reference
The information contained in this Report on Form 6-K, excluding the information set forth in Exhibit 1, shall be incorporated by reference in the prospectuses relating to the Registrants securities contained in the Registrants Registration Statements on Form F-3 (File Nos. 333-228295, 333-228294 and 333-220373), as such prospectuses may be amended or supplemented from time to time.
On January 23, 2020, Westpac announced the appointment of John McFarlane to the Westpac Board as Non-Executive Director and Chairman-Elect, succeeding Lindsay Maxsted on April 2, 2020. Mr. McFarlane has more than 44 years experience in financial services, including a 10-year tenure as CEO of Australia and New Zealand Banking Group Limited (ANZ) and most recently as Chairman at Barclays plc. Mr. McFarlane will commence his role as Non-Executive Director in February 2020, subject to regulatory approvals.
Index to Exhibits
Exhibit |
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Description |
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1 |
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ASX Announcement Westpac announces John McFarlane as incoming chairman |
Disclosure regarding forward-looking statements
The information contained in this Report on Form 6-K contains statements that constitute forward-looking statements within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this Report and include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition.
We use words such as will, may, expect, indicative, intend, seek, would, should, could, continue, plan, aim, probability, risk, forecast, likely, estimate, anticipate, believe or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon managements expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this Report. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled Risk factors in Westpacs 2019 Annual Report on Form 20-F filed with the U.S.
Securities and Exchange Commission. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements contained in this Report, whether as a result of new information, future events or otherwise, after the date of this Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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WESTPAC BANKING CORPORATION | |
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(Registrant) | |
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Date: |
January 23, 2020 |
By: |
/s/ Yvette Adiguzel |
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Yvette Adiguzel |
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Tier One Attorney |
ASX |
Level 18, 275 Kent Street Sydney, NSW, 2000
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23 JANUARY 2020
WESTPAC ANNOUNCES JOHN MCFARLANE AS INCOMING CHAIRMAN
Westpac Group today announced the appointment of Mr John McFarlane to the Westpac Board as Non-Executive Director and Chairman-Elect, succeeding Lindsay Maxsted on 2 April 2020.
Mr McFarlane will commence his role as Non-Executive Director in February, subject to regulatory approvals.
Mr Maxsted said, Mr McFarlane is not only well known in Australia and New Zealand, but is a respected banking leader globally who brings to our organisation more than 44 years experience in financial services. He has worked across retail and wholesale banking and markets, as well as in life and general insurance, and has board and public service experience in this and other fields.
Over the past 27 years he has been a main board director of five of the worlds leading financial institutions, including as executive and non-executive chairman, chief executive and executive and non-executive director roles. He has a proven track record in delivering results, along with cultural and organisational change.
Most recently, Mr McFarlane was Chairman at Barclays in London, which after the global financial crisis underwent a decade of challenge. During his four years as Chairman, the company was streamlined, repositioned and has sustainably returned to profit. Prior to this, he delivered a successful turnaround program at UK insurer Aviva, a company similar in scale to Westpac.
Mr McFarlane is passionate about driving progress in the banking industry. He was Chairman of TheCityUK, the UKs coordinating financial services body, which accounts for 11% of UK GDP and represents the interests of more than 1.3 million employees.
In addition to his global career, Mr McFarlane brings a deep understanding of Australias banking sector, including delivering significant value at ANZ over his 10-year tenure as CEO, which also included 10 years as a Director of the Australian Bankers Association, two as Chairman.
This experience, coupled with his strong customer and employee focus, will be invaluable to Westpac as the organisation executes its strategy and implements its Response Plan for the AUSTRAC Statement of Claim.
As Chairman-Elect, Mr McFarlane will be responsible for appointing a permanent CEO, with an internal and external search process currently underway. In the interim, he will work closely with the Acting CEO, Peter King and the Board, to effect needed change, Mr Maxsted said.
Mr McFarlane said it was an honour to become Chairman of Australias oldest company and one so pivotal to the Australian and New Zealand economies.
People close to me know that on my return to Australia, I hadnt intended to take another major leadership role. However, Im passionate about the Australian banking sector, and Im excited by the challenge of returning Westpac to its place as a leading global bank, following recent events.
To some extent, the internal and external challenges ahead for Westpac are not dissimilar to those in my last five financial institutions, and I have therefore grown comfortable about my capacity to work with the Board and management to effect the necessary change. Nevertheless, Im sufficiently battle-hardened to realise things can be tougher than you think and that in banking, nothing is ever certain.
My focus initially will naturally be on resolving the companys current issues but equally important, to position it as quickly as possible for long-term success. Fortunately, Westpac has wonderful core customer franchises, each with significant opportunity.
The appointment of a world-class CEO can take time. In the interim, momentum is important. I will work closely with Peter King and the Board to continue to make any changes necessary. People should expect to see positive change during this period.
I also realise that success isnt only as a result of the efforts of current incumbents, but to the foundations laid over time by our predecessors. In this respect, I would like to pay particular thanks to Lindsay Maxsted for his significant contribution to the company and am proud to take over the role from a leader of his calibre.
We will work closely over the next two months to ensure an orderly transition. However, we both wanted to move quickly with this announcement to provide certainty to the market and to assure it of our joint commitment to the success of the company, Mr McFarlane said.
Mr McFarlane has returned to live in Australia permanently.
For further information:
Mary-Louise Dare |
Andrew Bowden |
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Media Relations |
Investor Relations |
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0434 699 605 |
+61 2 8253 4008 |
This document has been authorised for release by Timothy Hartin, Group Company Secretary.
John McFarlane Biography
Executive Career |
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1997 2007 |
Chief Executive Officer, ANZ Group Ltd (AU) |
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1993 1997 |
Group Executive Director, Standard Chartered plc (UK/HK) |
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1975 1993 |
Head United Kingdom and Ireland, Citicorp / Citibank (UK) |
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1969 1974 |
Various roles manufacturing, Ford Motor Company (UK) |
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Non-Executive Directorships Corporations | |
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2008 current |
Director, Old Oak Holdings Ltd (UK) |
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2018 current |
Director, Unibail-Rodamco-Westfield SE (France) |
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2015 2019 |
Chairman, Barclays plc (UK) |
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2015 2018 |
Chairman, Barclays Bank plc (UK) |
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2014 2015 |
Chairman, FirstGroup plc (UK) |
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2012 2015 |
Chairman, Aviva plc (UK) |
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2008 2012 |
Director, The Royal Bank of Scotland Group plc (UK) |
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2014 2018 |
Director, Westfield Corporation Ltd (AU) |
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2008 2018 |
Director, Westfield Holdings Ltd / Westfield America Management Ltd (AU) |
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2004 2007 |
Director, ANZ National Bank Ltd (NZ) |
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1995 1998 |
Director, Capital Radio plc (UK) |
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Directorships, Memberships Public Service | |
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2011 current |
Scotland International (UK) Member |
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2016 current |
The Worshipful Company of International Bankers (UK) Member and Liveryman |
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2019 current |
The Guild of Freemen (UK) Member and Liveryman |
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2015 2019 |
TheCityUK (UK) - the senior financial services body in the UK Chairman |
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2015 2019 |
Financial Services Trade and Investment Board (UK), Director |
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199296 / 2010-19 |
Cranfield School of Management Advisory Board (UK), Member |
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2012 2019 |
European Financial Roundtable (EU), Member |
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2016 2019 |
Institut International dEtudes Bancaires (EU) Member |
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2002-05 / 2017-19 |
The International Monetary Conference (US) - President and Director |
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2012 2019 |
Confederation of British Industry (UK) - Member Presidents Committee |
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2004-07 / 2018-19 |
Asia Business Council (HK) Member |
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2016 2019 |
Blackpool National Advisory Board (UK) Co-Chair |
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2008 2010 |
Economic Research Institute for ASEAN and East Asia (Indonesia) - Governing Board Director |
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2005 2007 |
Australian Government Foreign Affairs Council (AU) Member |
Australian Government Financial Literacy Board (AU) Member | |
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2002 2007 |
Australian Government Business Regulation Advisory Group (AU) Member |
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2000 2007 |
Australian Business Arts Foundation (AU) Member |
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1999 2007 |
Australian Financial Markets Foundation for Children (AU) Director |
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1999 2003 |
Australian Graduate School of Management (AU) Director |
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1998 2000 |
Business Council of Australia (AU) Director |
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1997 2007 |
Australian Bankers Association (AU) Chairman and Director |
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1994 1999 |
Bank of England Financial Law Panel (UK) Member |
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1991 1997 |
Auditing Practices Board (UK) Director |
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1989 1991 |
London Stock Exchange (UK) Director and Council Member |
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1989 1990 |
The Securities Association (UK) - Director (Securities Regulator, now Financial Conduct Authority) |
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