The KPMG whistleblower scandal has claimed another scalp, with Westpac board member and former KPMG partner Peter Nash stepping down from the bank effective immediately to limit any “ongoing distraction” over his role in the firm winning the bank’s lucrative audit work in 2024.
The bank defended the process it used to select KPMG for the contract, telling the stock market on Wednesday that Nash had declared his past connections to the firm and was not on the committee that made the decision. But he had sat in on meetings and stayed at the house of KPMG’s chairman while the consultancy was bidding for the audit work.
In a release to the ASX, Westpac said Nash will retire effective July 1. “With recent attention on Peter’s former roles and relationships at KPMG, he has decided now is the right time to retire from the board to limit any ongoing distraction for the Company,” Westpac chairman Michael Ullmer said.
KPMG’s success in winning the Westpac contract featured among the allegations made by the whistleblower, who said the concentration of KPMG partners at Westpac compromised the integrity of the selection process.
One of the more controversial aspects that has emerged since the scandal broke was Nash staying at the home of KPMG’s chairman Martin Shepherd, and his partner, KPMG executive Suzanne Bell, before the lucrative contract was awarded. Sheppard was forced to resign over the scandal, as have other senior KPMG executives.
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