Evidence before the royal commission suggests Australian bank boards have been overpaid, underskilled and understaffed compared with those overseas.
The World Bank’s original governance arrangements have changed much more slowly than the scale and nature of its operations.
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.
Pressure to meet ever-higher performance targets can lead to misconduct of the sort exposed by the royal commission. Targets need to operate within a framework of ethical governance to avoid this.
The Commonwealth Bank has been given responsibility to fix its own management mess. Regulators could have done a lot more.