Commonwealth ‘culture’ inquiry — right idea, wrong inquirer
The banking regulator has announced it will conduct an independent inquiry into the Commonwealth Bank's culture. It's a good idea -- but someone else should be doing it, Glenn Dyer and Bernard Keane write.
The Australian Prudential Regulation Authority is to establish “an independent prudential inquiry into the Commonwealth Bank of Australia (CBA) focusing on governance, culture and accountability frameworks and practices within the group”, it announced this morning. A panel picked by APRA, working to a terms of reference yet to be finalised, is supposed to report within six months of commencing work. It will consider would "at a minimum ... whether the group’s organisational structure, governance, financial objectives, remuneration and accountability frameworks are conflicting with sound risk management and compliance outcomes".