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You can find the current article at its original source at https://www.theguardian.com/australia-news/2018/may/01/commonwealth-bank-accused-damning-regulators-report
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| 'Money for jam': Commonwealth Bank accused after damning regulator's report | 'Money for jam': Commonwealth Bank accused after damning regulator's report |
| (about 1 hour later) | |
| Commonwealth Bank’s financial success has “dulled” its senses, leaving it with a complacent culture that is dismissive of regulators, with a lack of accountability among senior executives, and a remuneration framework that has no bite. | Commonwealth Bank’s financial success has “dulled” its senses, leaving it with a complacent culture that is dismissive of regulators, with a lack of accountability among senior executives, and a remuneration framework that has no bite. |
| That is the damning conclusion of an eight-month investigation by Australia’s financial regulator. | That is the damning conclusion of an eight-month investigation by Australia’s financial regulator. |
| The treasurer, Scott Morrison, said the report showed the bank’s remuneration structure was equivalent to “money for jam”. | The treasurer, Scott Morrison, said the report showed the bank’s remuneration structure was equivalent to “money for jam”. |
| He said it was required reading for every financial institution in Australia, saying it needs to be “on the agenda of every single board meeting in this country”. | He said it was required reading for every financial institution in Australia, saying it needs to be “on the agenda of every single board meeting in this country”. |
| “It goes to the heart of what responsibilities of board directors are,” Morrison said. “It’s not a retirement job ... this should be a wake-up call for every director in the country, particularly those who are the custodians of the savings and share holdings of Australians.” | “It goes to the heart of what responsibilities of board directors are,” Morrison said. “It’s not a retirement job ... this should be a wake-up call for every director in the country, particularly those who are the custodians of the savings and share holdings of Australians.” |
| “I want to stress why the CBA is a sound financial institution, and that issue is not in question, that rap sheet that I’ve just read out from Apra is damning,” the treasurer said. | “I want to stress why the CBA is a sound financial institution, and that issue is not in question, that rap sheet that I’ve just read out from Apra is damning,” the treasurer said. |
| The report identifies serious shortcomings in CBA’s governance, culture and accountability frameworks, and makes numerous recommendations to strengthen those frameworks. | The report identifies serious shortcomings in CBA’s governance, culture and accountability frameworks, and makes numerous recommendations to strengthen those frameworks. |
| more to come... | more to come... |
| Banking royal commission | |
| Banking | Banking |
| Banking | Banking |
| Australian economy | Australian economy |
| Business (Australia) | Business (Australia) |
| Scott Morrison | Scott Morrison |
| news | news |
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