Original article by Alexis Carey
News.com.au – Page: Online : 20-Nov-18
Commonwealth Bank CEO Matt Comyn has told the financial services royal commission that the major bank has tended to react to misconduct rather than taking action to prevent it in the first place. Comyn also conceded that there are "inherent risks" associated with a staff bonus scheme. However, he struggled to explain why a fixed salary would not be sufficient for the majority of the bank’s employees. The royal commission’s interim report noted that variable pay can encourage a culture of misconduct in the banking sector.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION