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.
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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.
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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.
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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.
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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.
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How can our major institutions, particularly from the banking and finance sector retain their corporate legitimacy? What role should their boards be playing?
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.
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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.
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Executive Director @ Australian Institute of Performance Sciences, Strategic Partner @ Swinburne University MedTechVic, and Visiting Fellow at the Institute of Public Policy and Governance at, University of Technology Sydney