The latest House of Representatives Standing Committee on Economics Review of the Four Major Banks (Fourth Report) has been released.
The report was written in December 2018 and follows on from the October 2018 public hearings, in which the 4 major banks responded to the interim report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, before the Final Report was released.
The report devotes a chapter to each of the 4 banks.
Interestingly the CEO’s gave evidence about the number of executives they have made accountable under the Banking Executive Accountability Regime (BEAR):
- CBA stated it has extended the BEAR to 90 executives;
- Westpac stated about 13 or 14 Westpac executives are directly covered by the BEAR;
- ANZ said 15 to 20 executives are covered by the BEAR;
- NAB said 22 NAB directors and executives are registered with APRA as part of the BEAR.
The Committee has announced it will hold the next round of public hearings (Fifth Hearings) in Canberra on 8 March 2019 (for CBA and Westpac) and 27 March 2019 (for ANZ and NAB).
