Parallels in the historical trajectory of AMP and IOOF are striking. Both were founded in the 1840s. Both demutualised, and now both find themselves centre stage at the banking royal commission.
The corporate sector owes David Murray a debt of gratitude for starting a debate about ASX governance rules that lead boards to delegate matters that are properly their responsibility.
Evidence to the Banking Royal Commission points to the systemic failings of corporate governance built on the idea of shareholder primacy. It's time to rethink the unitary board system for a start.
ASIC and APRA don't lack power to sack bank directors. They the lack the willpower to do so.