The Westpac Group: Statement to Four Corners

August 18, 2017

Westpac has heard the communitys feedback about product referral incentives and
we are addressing it. We were the first of the major banks to remove product-based
incentives for our 3300 tellers in our branch network, so they are now rewarded
solely for providing quality customer service.
We have also removed product-specific targets for personal bankers and will reward
them equally for customer service and financial measures. These changes apply to
all brands across the Westpac Group.
These are important steps that demonstrate our commitment to develop a culture of
service and remove any perception of a conflict of interest in how our people serve
customers.
Westpac Group home lenders are rewarded based on a number of factors including
customer satisfaction and mortgage drawdowns, and subject to meeting risk and
compliance measures and working in accordance with the organisations values,
including acting with integrity.
It is important to note that where a home lender is eligible for a bonus they must
meet requirements on all these measures. They will not get a bonus for only meeting
any mortgage drawdown requirements.
The mortgage drawdown targets also vary based on the expected opportunities in
the markets they operate and are adjusted for individual circumstances where
necessary.
Importantly, Westpac Group seeks to support all our employees to achieve their
potential and enjoy their work. We have fair and transparent processes to assist
employees with their performance.
Westpac believes that a focus on remuneration, culture and leadership is important
and we continue to identify opportunities to improve our products and services to our
customers. This also means providing the product that is best suited to meet the
needs of our customers.