CORPORATE CULTURE – AUSTRALIA

Banks racing to lift their game: Hartzer

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Original article by Michael Roddan, Richard Gluyas
The Australian – Page: 21 : 22-Aug-17

ANZ Bank CEO Shayne Elliott says the Commonwealth Bank’s recent money-laundering problems have impacted the banking sector’s reputation as a whole. He also says the Federal Government’s new regulations governing bank executives are appropriate, as they need to be made accountable for their mistakes. Meanwhile, Westpac CEO Brian Hartzer says the banking major is working hard to ensure that its products, processes and policies are in line with community expectations.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Livingstone ousts CEO Narev, cuts pay, puts execs on notice

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Original article by James Frost
The Australian Financial Review – Page: 1 & 8 : 15-Aug-17

The Commonwealth Bank of Australia’s board has reiterated its intention to take further action on cuts and changes to executive pay and incentives in the wake of the money laundering crisis. Its actions come as it announced that CEO Ian Narev will retire by 30 June 2018, with his successor most likely to be an external appointment. Louise Davidson, the CEO of the Australian Council of Superannuation Investors, says there are clearly some problems with the CBA’s culture, noting its recent problems involving financial planning and life insurance.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIANSUPER PTY LTD, AUSBIL INVESTMENT MANAGEMENT LIMITED, OWNERSHIP MATTERS PTY LTD, UNISUPER LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Bank culture won’t change overnight: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 6-Oct-16

Prime Minister Malcolm Turnbull says Australian banks require more accountability and transparency. He is confident that requiring the "big four" CEOs to front a parliamentary committee at least once a year will facilitate this, although he concedes that it will take some time for the culture within banks to change. The Federal Government also proposes to create a new tribunal for aggrieved customers to seek restitution, which was backed by Commonwealth Bank CEO Ian Narev and ANZ Bank CEO Shayne Elliott when they fronted the committee.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, LIBERAL PARTY OF AUSTRALIA, TIMBERCORP LIMITED

Regulating profits ‘dangerous’

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Original article by James Eyers, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 5-Oct-16

Commonwealth Bank CEO Ian Narev fronted a parliamentary committee on 4 October 2016, where he responded to questions on issues such as profits, interest rates and the bank’s insurance and financial planning scandals. Narev cautioned against any move to regulate the profits of the banking sector, stressing that banks need healthy profits to ensure that they can ride out economic shocks. The CEOs of the other major banks will appear before the committee in coming days. The Australian Labor Party continues to argue the case for a royal commission into the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH FINANCIAL PLANNING LIMITED, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA

Bank royal commission a drain on economy: Hirst

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Original article by James Eyers
The Australian Financial Review – Page: 23 : 15-Apr-16

Bendigo & Adelaide Bank CEO Mike Hirst says there is no need for a royal commission into the banking industry. He told a strategy briefing in Sydney that a royal commission would be a waste of money as there is no evidence of systemic failure. He also said a royal commission would also have a negative impact on the economy. Hirst favours self-regulation, and he argues that the poor conduct of certain banking employees can be rectified by the banks themselves.

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA

7-Eleven still rorting workers, says CEO

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Original article by Mathew Dunckley
The Australian Financial Review – Page: 18 : 21-Mar-16

Former Skilled Group boss Angus McKay says addressing problems with 7-Eleven’s corporate culture will be one of his priorities as the convenience store chain’s new CEO. McKay has conceded that wage exploitation is most likely still an issue at some stores, but he has committed to completely eliminating such practices. He also concedes that the wages scandal has tarnished 7-Eleven’s reputation among consumers.

CORPORATES
7-ELEVEN STORES PTY LTD, SKILLED GROUP LIMITED, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FOSTER’S GROUP LIMITED, DIAGEO AUSTRALIA LIMITED

Fear of failure stifles innovation: McKeon

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Original article by Ruth Liew
The Australian Financial Review – Page: 27 : 26-Mar-15

Australian companies must become more innovative, AMP chairman Simon McKeon said on 25 March 2015. He noted that local businesses are more risk-averse than their US counterparts. He said foreign investors like Australia’s "AAA" credit rating. McKeon is also the chairman of CSIRO, whose funding was reduced in the 2014 federal Budget

CORPORATES
AMP LIMITED – ASX AMP, JP MORGAN AUSTRALIA LIMITED, CSIRO, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE GROUP LIMITED – ASX MQG

Fear of failure stifles innovation: McKeon

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Original article by Ruth Liew
The Australian Financial Review – Page: 27 : 26-Mar-15

Australian companies must become more innovative, AMP chairman Simon McKeon said on 25 March 2015. He noted that local businesses are more risk-averse than their US counterparts. He said foreign investors like Australia’s "AAA" credit rating. McKeon is also the chairman of CSIRO, whose funding was reduced in the 2014 federal Budget

CORPORATES
AMP LIMITED – ASX AMP, JP MORGAN AUSTRALIA LIMITED, CSIRO, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE GROUP LIMITED – ASX MQG

Medcraft warns of collusion probes

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Original article by Leo Shanahan
The Australian – Page: 23 : 27-Nov-14

Civil as well as criminal charges are possible against ANZ Bank, over its role in alleged attempts by major banks to fix the bank bill swap rate. The Australian Securities & Investments Commission (ASIC) is investigating, and ANZ has suspended seven traders on full pay pending the outcome. ASIC chair Greg Medcraft argues that the problem is a global one and indicative of an ingrained culture across the banking sector. A probe into the claims of collusion has also been launched by the Australian Competition & Consumer Commission

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, HARVARD UNIVERSITY, BLOOMBERG LP