Cosy personal relationships among the corporate elite abound. So what makes an independent director actually independent?
Its board has been found to "lack readiness to ask relevant questions", a judgment it will have to wear.
Rather than imposing a straight fine, taking away franking credits would ensure shareholders feel more pain when companies misbehave.
Westpac has admitted to more than 23 million breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.
Westpac chief executive Brian Hartzer and chairman Lindsay Maxsted. We could expect more of such folk but it might be more constructive to look for ways to help them do their jobs better.
Board directors of our biggest companies simply aren't equipped to take on management. An idea floated 50 years ago could help.
Westpac chief executive Brian Hartzer will step down with $2.68 million. Had he stayed on he could have received share rights worth $20 million.
Westpac's decision to shut down its LitePay money transfer system will hurt people relying on remittances throughout the Pacific region.
Westpac is “deeply sorry” and has pledged to spend $18 million over three years tackling the online sexual exploitation of children in the Philippines.
The number one commandment of the anti money laundering law is "Know your customer". AUSTRAC is alleging Westpac didn't, and didn't seem to want to.
Westpac has its Annual General Meeting on December 12. “No doubt, there’ll be some very hard discussions between now and then,” Joshn Frydenberg said.
The government at the weekend piled on more pressure for Westpac heads to roll over the bank’s money laundering scandal, with Treasurer Josh Frydenberg saying the affair had a long way to play out. “These…
A crucial problem with the global approach to anti-money laundering is the emphasis on demonstrating activity rather than results.
Anti-money laundering efforts are based on measuring activity, not results. To cut crime and terrorism, we need a frank conversation about where the system has gone wrong.
It’s possible that CBA’s willingness to admit as much of its conduct as it has, signals the bank might resolve the class action through a settlement.
The CBA's response to AUSTRAC's claims means shareholders will be assisted in part of their class action claims, but a lot still needs to be proved.
The federal government has announced a royal commission into banks and other financial services entities.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks' behaviour itself is the real cost.