Banking royal commission summed up in NAB's befuddled performance
It has been a year of dragging out the dirty laundry of Australia's banks: appalling scandals, executive inaction and bad decisions that hurt customers. CEO Andrew Thorburn and chair Ken Henry were both witnesses this week, offering starkly different takes on the harsh sunlight filtering through to previously opaque banking practices. After a parliamentary inquiry in Canberra this year, Mr Thorburn met with a score of bank victims whose stories have not been case studies at the commission, including Queensland farmer Bill Mott. The former Treasury secretary described negotiating with corporate regulator the Australian Securities and Investment Commission as akin to dealing with kids: " On occasions, it's almost like that game that children play — you're getting colder, you're getting warmer. " Despite the mounting scandal, NAB decided not to cut executives' bonuses for the 2016 financial year.. Dr Henry had concerns, but they were allayed on the condition the CEO and executives sent a "strong message" about risk management to all staff.
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