The prudential regulator has today released the terms of reference for its inquiry into the Commonwealth Bank’s culture and governance practices, and appointed three panel members to oversee it.
APRA has named Banking and Finance Oath chair John Laker AO, Monash Business School Professorial Fellow Graeme Samuel AC and University of Wollongong chancellor Jillian Broadbent to undertake the inquiry (announced by APRA on 28 August 2017).
“APRA is pleased to have secured the services of three highly experienced and credentialed panel members to conduct the prudential inquiry,” said APRA chair Wayne Byres.
“Between them, John, Graeme and Jillian bring an excellent blend of skills and experience to the task, including in matters of corporate governance and organisational culture.”
The terms of reference outline four key goals for the inquiry, namely to identify any organisational drivers of bad governance and culture, to assess whether organisational structure, financial objectives or remuneration are conflicting with sound management principles, to consider whether CBA’s own initiatives are enough, and to recommend how any issues should be rectified.
“The Prudential Inquiry should not make specific determinations regarding matters currently the subject of legal proceedings, other regulatory reviews or investigations by regulators other than APRA, or customers’ individual cases,” APRA said in the terms of reference.
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