Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 139

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 139
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The 2024 ESP award was satisfied through the purchase of shares on market.
The liability accrued for the ESP at 30 September 2025 was $28 million (2024: $28 million) and was provided for as other employee benefits.

viii.   Other plans
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Westpac also provides share-based plans for small, specialised parts of the Group. The benefits under these plans are directly linked to growth and performance of the relevant part of the business. The plans, individually and in aggregate, are not material to Westpac in terms of expenses and dilution of earnings.
The names of all persons who hold share options and/or rights currently on issue are entered in Westpac’s register of option holders which may be inspected at MUFG Corporate Markets (AU) Limited, Liberty Place, Level 41, 161 Castlereagh Street, Sydney, New South Wales.

ix.   Fair value assumptions
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The fair value of share rights have been independently calculated at their respective grant dates.
The fair value of share rights with performance targets based on relative TSR takes into account the average TSR outcome determined using a Monte Carlo simulation pricing model.
The fair value of share rights without TSR based performance targets (i.e. unhurdled share rights and restricted rights) have been determined with reference to the share price at grant date. A discount rate reflecting the expected dividend yield over their vesting periods also applies to unhurdled share rights and LTVR performance rights.
Other significant assumptions include:

●   Risk-free rates of return of 3.3%-3.8% applied to TSR-hurdled grants;
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●   The dividend yield on Westpac shares applied to TSR-hurdled grants ranged from 4.0%-5.0% for those issued under the LTVR and for those issued under the EIP;
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●   Volatility in Westpac’s TSR of 20%-21%, applied to TSR-hurdled grants; and
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●   Volatilities of, and correlation factors between, TSR of the comparator group and Westpac for TSR-hurdled grants.
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116 WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

Note 32.Superannuation commitments
Accounting policy
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Westpac recognises an asset or a liability for its defined benefit schemes, being the net of the defined benefit obligations and the fair value of the schemes