Australia’s largest bank entered an enforceable undertaking with APRA yesterday, pledging to implement 35 changes to fix a “reactive and complacent” leadership culture characterised by “overly complex and bureaucratic decision-making” and a remuneration structure that had no “sting”.
CBA chief executive Matt Comyn said during a conference call yesterday that the bank had “let down our customers, let down our regulators, and as management let down our people”.
Mr Comyn revealed that he told CBA chair Catherine Livingstone shortly after his appointment that he would not accept a short-term incentive payment for 2018.
The board was told about Mr Comyn’s decision to forgo his bonus in March, and it was made public yesterday as CBA sought to defuse the negative publicity surrounding the APRA report.
Treasurer Scott Morrison made it clear yesterday that he expects more senior leaders at CBA to be sacked, but Mr Comyn made no commitment to remove offending staff yesterday.
“There is no silver bullet for us, but this is a first step to shift our culture to be more transparent, more accountable and more customer focused,” Mr Comyn said.
CBA is undergoing a ‘board renewal’ program under chair Catherine Livingstone, with seven non-executive directors having left under her tenure.
The bank will be closely monitored by APRA and ASIC to ensure the 35 recommendations in the report are implemented in full.
And he may have guilt from his past
Livingstone should be made to leave.
Given he is a newby CEO, I doubt he’s forgoing much of a bonus…
But having been an existing employee, he may have qualified as part of his previous position..
its funny how a lot of the senior banking staff knew about all of this happening yet they kept quiet.. not sure what morals they have at home. Really a disgrace.