• Write for Us
  • Advertise
  • About
  • Contact
Sunday, May 28, 2023
British Herald
Advertisement
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
Home Business

Australia’s CBA chair defends claim she raised governance concerns

Editorial Bureau by Editorial Bureau
November 21, 2018
0
Australia’s CBA chair defends claim she raised governance concerns

FILE PHOTO: The Commonwealth Bank (CBA) corporate logo is pictured outside the bank's headquarters in Sydney, Australia, August 9, 2017. REUTERS/Jason Reed/File Photo

74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

SYDNEY (Reuters) – Commonwealth Bank of Australia’s  chairwoman on Wednesday defended her testimony to a financial sector inquiry that she had raised governance concerns with senior management, even though lawyers said there were no records of her doing so.

You might also like

Biden and McCarthy Closing In on Budget Agreement, Critical Debt Ceiling Deadline Looms

Germany, the biggest economy in Europe falls into recession

Republicans and White House Find Common Ground in US Debt Ceiling Talks

Catherine Livingstone was also grilled over why the head of the scandal-hit retail division was later appointed CEO, and why executive bonuses were only affected after events were reported in the media rather than when the board became aware of them.

In her second day in the witness stand at the quasi-judicial inquiry, Livingstone said she had confronted management at a board meeting in late 2016 after regulators warned the bank about breaches of anti-money laundering and terror-financing laws (AML/CTF).

“Do you accept that they (the minutes) don’t record a very significant exchange that you say occurred at this meeting but which we have no record of?” barrister assisting the inquiry Rowena Orr asked.

“I do accept that, but I am also aware that I am giving evidence under oath. To the best of my recollection, it was at the October board meeting that I challenged management in relation to the AML/CTF reports,” Livingstone said.

Australia’s largest bank in May agreed to pay a record A$700 million (395.9 million pounds) fine to settle charges brought in late 2017 over tens of thousands of breaches of money laundering and counter-terrorism financing laws.

The scandal led to a scathing report by the banking regulator, the Australian Prudential Regulation Authority (APRA), about the bank’s governance shortcomings.

Livingstone, who became CBA chairwoman a few months before the breaches became public, said the board had cut directors’ pay in response to the scandal but that former chairman David Turner had refused a request to return 40 percent of his final year’s fees.

Turner could not immediately be reached for comment.

ACCOUNTABILITY

The money-laundering allegations and other scandals severely damaged CBA’s brand and led to the departure of former CEO Ian Narev in April.

But that was just the beginning of the reputational and financial damage for Australia’s biggest bank, which now faces mounting legal and compliance costs amid a slowdown in its core mortgage business.

From its first hearings in February, the Royal Commission inquiry has revealed systemic wrongdoing and a pervasive culture of greed at CBA and Australia’s other big banks.

On Tuesday, Chief Executive Matt Comyn also blamed previous management for the bank’s failings although at the time he was head of retail banking overseeing one of the most scandal-hit divisions.

Asked at the inquiry on Wednesday whether Comyn was an appropriate choice to replace Narev, Livingstone said his character and ability to admit mistakes were factors that helped the board decide in his favour.

She acknowledged that since the 2011 financial year the bank had not reduced an executive’s short-term bonus because of “a risk-related issue” unless it had been made public.

The barrister asked what message that sent.

“Well, clearly that there will only be consequence if there is a public event, a media event,” Livingstone said.

Westpac Banking Corp Chief Executive Brian Hartzer is testifying on Wednesday afternoon. The heads of Australia and New Zealand Banking Group  National Australia Bank  and investment bank Macquarie Group Ltd  are expected to testify before the end of the month.

(Reporting by Paulina Duran; Editing by John Mair and Stephen Coates)

Share30Tweet19
Editorial Bureau

Editorial Bureau

Recommended For You

Biden and McCarthy Closing In on Budget Agreement, Critical Debt Ceiling Deadline Looms

May 26, 2023
Biden and McCarthy

President Joe Biden and House Speaker Kevin McCarthy are closing near on a two-year budget agreement that will reduce federal deficits in exchange for raising the country's debt...

Read more

Germany, the biggest economy in Europe falls into recession

May 25, 2023
Germany in recession

Germany has entered a recession as the impact of last year's energy price shock on consumer spending. Official figures indicated Thursday that output in Europe's largest economy fell...

Read more

Republicans and White House Find Common Ground in US Debt Ceiling Talks

May 25, 2023
US Debt Ceiling Talks

Negotiators representing President Joe Biden and top congressional Republican Kevin McCarthy engaged in productive talks on Wednesday to find a solution for raising the United States' $31.4 trillion...

Read more

Apple strikes major US-made semiconductor deal

May 24, 2023
This deal of apple comes as a trade row centred on the technology industry intensifies between Washington and Beijing

Apple announced that it has entered into a multi-billion dollar deal with chipmaker Broadcom to increase its usage of US-made parts. The two American companies will collaborate over...

Read more

The UK inflation rate is falling, but food prices remain high.

May 24, 2023
food prices rise in the UK

In April, food prices in the UK continued to rise at the fastest rate in nearly 45 years as inflation declined at a slower-than-anticipated rate. The annual rate...

Read more
No Result
View All Result
ChatGPT in Bing

ChatGPT Will Now Have Access To Real-Time Info From Bing Search

May 28, 2023
Turkish election : Erdogan and Kemal Kilicdaroglu clash

Turkish election : Erdogan and Kemal Kilicdaroglu clash in desperate race for votes

May 27, 2023
Biden ‘optimistic’ of debt ceiling deal

Biden ‘optimistic’ of debt ceiling deal as Yellen extends deadline to 5 June

May 27, 2023

Tags

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea Rishi Sunak russia south korea spain T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa worldnews
British Herald

Top News in World: Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

CATEGORIES

  • Africa
  • Articles
  • Asia
  • Brand Feature
  • Business
  • Climate & Environment
  • Companies
  • Crypto
  • Culture and Lifestyle
  • Daily Roundup
  • Economics
  • ECONOMY
  • Entertainment
  • Europe
  • Fashion
  • Finance
  • Financial Markets
  • Fintech
  • Health
  • IN UK 01
  • IN UK 02
  • Investing
  • Latin America
  • Market
  • Middle East
  • Oceania
  • Opinion
  • Pharma/BioTech
  • Politics
  • Reviews
  • Science & Technology
  • Sport
  • Sustainability
  • Tech
  • Technology
  • Travel
  • UK
  • Uncategorized
  • USA
  • Videos
  • World

BROWSE BY TAGS

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea Rishi Sunak russia south korea spain T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa worldnews

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?