Royal Commissioner Kenneth Hayne’s next move will either refashion the industry, or merely seek a commitment from it to behave better.
With public hearings finished, insiders are making a last-ditch bid to either soften or sidetrack the final report of the banking royal commission.
The first kangaroo-leather bound ledgers of what became Westpac, photographed in the Westpac archives.
Examination of the first deposit in what became Westpac tells us much about 1817, not all of it pleasant.
Too much or too little information? The role of a secretary is to get the balance right.
Proceedings at the banking royal commission suggest if it isn't in the minutes of a board meeting, the board didn't consider it. It makes the role of the company secretary critical.
NAB Chairman Ken Henry says it might take NAB ten years to fix itself. There’s no point in waiting.
There are practical steps we can take right now to fix the banks. History suggests they'll never do it left to themselves.
Relying on a change in the top job to change the organisation is a recipe for future disappointment.
There's symbolic power in heads rolling when an organisations does wrong. But cultural change is more complicated than that.
The funds for the court will see the appointment of two new judges to.
deal with civil cases.
Frydenberg and Porter said ASIC’s increased enforcement activity was expected to lead to “more prosecutions by the CDPP and more civil
corporate misconduct cases before the Federal Court.”
To protect bank customers, the law could mandate behaviour defined in a code of conduct to be strictly liable, and breaches criminal.
Banks have viewed their codes of conduct as non-binding statements of comfort. They need to enforce them under pain of legal penalty.
The entrenched practice of retail superfunds using superannuation trust funds as profit-making enterprises undermines the integrity of the whole superannuation sector.
We rightly expect trustees of superannuation funds to do their jobs. Much stronger behavioural controls and civil penalties are needed to ensure they do.
Women in investment management report an “ingrained” culture of sexism. This includes stereotyped views of women being best suited to administrative roles.
Women in investment management face sexist treatment and no accommodation of parenting responsibilities. That's bad news for a sector critical to all Australians’ economic security.
The Labor party has announced roundtables in cities and towns that haven’t been visited by the banking royal commission.
Shorten's extra royal commission hearings and legislating the GST carve-up.
It isn’t brain surgery.
Getting better behaved banks isn't difficult. Here are three places to start.
Putting people rather than profits at the centre of banking culture is possible, but difficult.
In his three volume 1,000 page interim report Commissioner Hayne has built an irrefutable case for root and branch reform.
Speaking in confidence, the members of bank boards are worried.
How can our major institutions, particularly from the banking and finance sector retain their corporate legitimacy? What role should their boards be playing?
Royal Commissioner Kenneth Hayne is arguing for less and clearer law, and tougher corporate cops.
The big four play on trust, laziness and inertia, according to the interim report of the Banking Royal Commission.
The banks get most of the blame in Commissioner Hayne's explosive report, but there's some for us as well.
Financial Services Royal Commissioner Justice Kenneth Hayne.
Rather than introducing still more laws to regulate banks there is a case for stripping down the ones we have got to make their aims crystal clear, Commissioner Hayne says in his interim report.
Royal commissioner Kenneth Hayne is presiding over an inquiry that will cast a very long shadow.
AAP Image/Fairfax media, Eddie Jim
The banking royal commission's most enduring legacy might be the cancer of too much caution throughout the financial services sector.
ABC staff call for chairman Justin Milne to step aside at a meeting on Wednesday.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
Board-level risk indicators include one person dominating meetings or a culture of blaming and withholding information.
It is a furphy that regulation for good corporate culture is impossible. It is done in the Netherlands and it is already under way in Australia, albeit in an unacknowledged, and limited, form.
If ASIC gets its way, NAB will have to do more than pay compensation.
If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice.