News: WBC UPDATE 1-Australia's Westpac to receive protest vote against executive pay - chairman

(Adds background on inquiry, share performance)

Dec 12 (Reuters) - Australia's Westpac Banking Corp (WBC) will receive a protest vote against its executive remuneration plans, the bank's chairman said on Wednesday.

More than half of its shareholders may be against a resolution to approve executive bonuses, Chairman Lindsay Maxsted said, citing votes already received.

Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal for two years running, they can call for the board to be removed.

"This means we will incur a first strike. This sends a strong message to the board," Maxsted said in a statement.

Westpac, which like many of its big banking peers is under fire from Australian regulators for impropriety, lowered short-term variable incentives for its CEO and executives by 25 percent on average in 2018, Maxsted added.

Last month, the country's No.2 lender reported flat growth in full-year cash earnings, principally due to higher costs related to refunds and legal services in the wake of a public inquiry into financial sector misconduct.

Westpac shares, which have shed about 20 percent so far this year, were up slightly at 0244 GMT on Wednesday in a higher overall market (xjo) .