Overview
- Westpac said Nash will leave its board to limit distraction and that he had declared his past KPMG connections while not serving on the bank's auditor selection committee.
- Whistleblower claims say KPMG shared confidential company data with prospective private clients to win audit work, a charge that has prompted parliamentary hearings and board-level fallout at KPMG.
- Nash served as a senior partner and national chairman at KPMG until 2017 and joined Westpac's board in 2018, giving him long-standing ties to the audit firm.
- Reports and testimony say Nash attended 2023 pitch meetings for Westpac's audit contract and stayed at the home of former KPMG chairman Martin Sheppard, creating a perception of possible bias.
- Nash's departure reflects rising investor pressure over conflicts of interest and could lead to tighter regulatory scrutiny of audit tender rules and clearer limits on former auditor relationships with corporate boards.