On 2 November 2017, the AICD provided a submission to the Senate Economics Legislation Committee inquiry relating to the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017, known as the Banking Executive Accountability Regime (BEAR). In this submission, the AICD expressed several reservations about the design and scope the BEAR. The AICD stated that it would prefer that boards and ADIs make decisions on, for instance, remuneration structures appropriate to their organisation’s needs and strategies. The AICD also recommended that the BEAR better define the conduct which the BEAR will apply to, and remove ambiguous and highly subjective terminology from the legislation.
You can read our submission here.