Morrison cites power of BEAR on Commbank CEO appointment
The Federal Treasurer, Scott Morrison has confirmed he was prewarned of the Commonwealth Bank’s decision to appoint Matt Comyn as its new chief executive.
However, while Morrison confirmed he had been informed of the appointment prior to its public announcement, he stopped short of endorsing the bank’s decision and referenced the impending passage of the legislation underpinning the Government’s Bank Executive Accountability Regime (BEAR).
Speaking on national radio, the Treasurer confirmed that the chairperson of the Commonwealth Bank, Catherine Livingstone had phoned him and told him of the decision and the process which had been followed.
He made clear however that the Board needed to take responsibility for the appointment.
“I've said the other day, I wish him well, I sent him a message to that effect,” Morrison said. “He's got a very important job in the Australian economy.”
“Last night the accountability legislation for banking executives passed the House of Representatives and that will go through the Senate as well. That is my view when it comes to executive accountability in the banking sector, it's not just an opinion, it's soon to be law.”
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
