Section:
Compensation Arrangements.

Compensation Arrangements.

We have compensation arrangements in place through a guarantee provided by Westpac Banking Corporation. These arrangements meet relevant legislative requirements (including section 912B of the Corporations Act 2001) and have been approved by the Australian Securities and Investments Commission.

Neither Westpac nor any other member of the Westpac Group guarantees the financial services described in this FSG.

Compensation Arrangements.

We maintain compensation arrangements through professional indemnity (PI) insurance, as required under the Corporations Act 2001 (Cth). The PI insurance is available for eligible claims made by clients that relate to financial products and services provided by us and our representatives.

Section:
What remuneration or other benefits are received by employees?

What remuneration or other benefits are received by employees?

The amounts we pay to our staff. All our employees receive a salary, superannuation, various employee benefits and may also be eligible for variable rewards³ and other non-cash awards based on their performance.

Short-term variable reward (‘STVR’) includes cash and deferred awards, which are designed to recognise employees for outcomes achieved during the financial year. Other non-cash awards, such as gift vouchers, attendance at conferences, employee development and team building events and Westpac Performance Shares may also be awarded.

STVR and non-cash awards are used to recognise the contribution made by employees against agreed goals. The contribution of an employee is measured based on their holistic contribution across a mix of financial, customer and non-financial goals relevant for their role. The types of goals may include, but are not limited to, financial (e.g. sales or referrals of financial products and other products), behaviours in line with our values, customer service, risk and compliance, people and corporate responsibility requirements.

³ From 1 October 2020 customer facing Branch based (excluding lending roles) and Call Centre employees have not been eligible for an STVR payment.

How employees are remunerated.

All employees of Westpac Group (Staff Members) receive a salary, superannuation, various employee benefits and may also be eligible for variable rewards³ and other non-cash awards based on their performance.

Short-term variable reward (‘STVR’) includes cash and deferred awards, which are designed to recognise Staff Members for outcomes achieved during the financial year. Other non-cash awards, such as gift vouchers, attendance at conferences, employee development and team building events and Westpac Performance Shares may also be awarded.

STVR and non-cash awards are used to recognise the contribution made by Staff Members against agreed goals. The contribution of a Staff Member is measured based on their holistic contribution across a mix of financial, customer and non-financial goals relevant for their role. The types of goals may include, but are not limited to, financial (e.g. sales or referrals of financial products and other products), behaviours in line with our values, customer service, risk and compliance, people and corporate responsibility requirements.