ISS head of research Vas Kolesnikoff said after a meeting with Mr Maxsted on Monday that Westpac "seems to be grappling with accountability at the moment." He said there was probably "some validity" to Westpac's move to withhold short-term executive bonuses as it investigated the laundering scandal. Even so, he said the ultimate cause of the scandal appeared to be "a fundamental failing in the governance structure and risk management."