Three key steps to keeping your reputation unscathed
When then Treasurer Scott Morrison reviewed the Australian Prudential Regulation Authority’s (APRA) recently released final report of the Prudential Enquiry into the Commonwealth Bank of Australia (CBA), he was quick to describe it as “required reading” for all board members in Australia.
The report looked into governance, culture and accountability within CBA in the wake of incidents such as the AUSTRAC anti-money laundering proceedings and made 35 recommendations, all of which CBA has committed to implementing.
The Treasurer was right. It’s a compelling if hefty read. My perusal highlighted just three key areas directors would do well to focus their attention on: tell it like it is, warts and all; always question whether the decision you’re to make is not only legal but ethical and fair; and remember the value of non-financial performance metrics. Continue reading