The Australian Institute of Company Directors today welcomed the release of the Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The Commission’s report raises important questions about governance, regulation and enforcement in the banking and financial services sector.
The AICD will reflect on the interim report and make a submission for the Commissioner to consider. The Institute will also consider the report in terms of education, resources and guidance for members.
AICD Managing Director and CEO Angus Armour said:
“This report asks fair and fundamental questions which go to the heart of failings in the financial services sector,” he said.
“It is clear that some conduct fell well short of the expectations of stakeholders and the community, and that governance and risk-management frameworks of these financial institutions did not prevent or remedy wrong-doing. Furthermore, the administration and enforcement of existing laws has been called into question.
“This report, and the Commission’s ongoing work, presents an important opportunity to improve the governance and practices of this vital sector.”
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