Westpac Banking Corporation Essay Example | Topics and Well Written Essays - 2500 words - 3

Westpac Banking Corporation - Essay Example Headquartered in Melbourne, Australia, it is a major international banking and financial services group employing over 30,000 people. ANZ began its operations as the Bank of Australasia in the 1830s. During its evolution, ANZ has transacted (merged and acquired) with dozens of banks to arrive at its current standing. ANZ today is the largest bank in New Zealand with assets over $335 billion. ANZ is a publicly listed company and has a footprint in Australia, New Zealand, Asia, Pacific, UK/Europe, India and the USA. The year 2006 marked a golden year for Westpac with profitability surging to $3.6 billion, which is 16% higher than the previous year (ANZ Company Profile). Â  Established in 1874, Bank of Queensland is Australia’s fastest-growing retail bank with a network of over 200 branches. It ranks among top 150 listed companies in Australia. In the year 2006, Bank of Queensland reported earnings of $82 million, a 21% increase over the previous year. The earnings surpassed expectations of the management as well as shareholders. Â  Westpac’s approach to corporate governance is based on a set of values and behaviors that ensure transparency and fair dealing and protect shareholder interests. The Board at Westpac monitors local as well as global developments in best practice corporate governance particularly to analyze their ramifications for Westpac. Â  The Australian Stock Exchange Limited (ASX) listing rules require listed entities like Westpac to furnish a statement in their annual report whereby the company discloses the extent to which it has complied with the 28SASXCGC Best Practice Recommendations for the reporting period, and to justify any variances observed. Â