It may not have been Goebbels who uttered the infamous phrase “When I hear the word culture, I reach for my gun”, but the phrase springs to mind in considering the (very rapid) appointment of former Commonwealth Bank head, Future Fund chairman and financial services inquiry head David Murray to the recently vacated AMP chair. While Murray's appointment to the Brenner Pass has been welcomed, it's worth reflecting on what no journalist over the weekend except Fairfax's Elizabeth Knight noted about Murray's view of regulating culture.
ASIC is pursuing this notion that you can have liability for a culture breach. It is absolutely impossible to legislate for that. In fact you could argue that it's anti-competitive, because you can't have the same culture for everyone by definition -- a great culture is competitive advantage. It's anti-competitive. It's inefficient. And to be perfectly candid again, there have been people in the world who've tried to enforce culture. Adolf Hitler comes to mind.