$600m announced for ASIC & APRA to tackle Banking Royal Commission recommendations
The Governance Institute of Australia welcomes the Federal Government’s 2019 Budget. Funding increases for the financial sector’s key regulators, ASIC ($400m) and APRA ($150m), as well as a the expansion of the Federal Court’s remit ($35m) to prosecute white collar crime will help drive accountability in the financial sector.
New ASX Principles demand better corporate culture, ethics, diversity and environmental risk reporting
Wednesday, 27 February, 2019 - Following extensive consultation, the Fourth Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations was released today, providing updated guidance for ASX-listed companies reporting on corporate governance, such as culture and ethics, workplace diversity and environmental risk.
Reinforcing a good culture based around ethical conduct and accountability as part of governance frameworks will be vital to acting on the Commission’s report. The Governance Institute of Australia welcomes the release of the Banking Royal Commission’s final report, and especially its focus on fixing the sector’s failings of culture and governance.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will no doubt provide a sobering insight into the sector’s governance failings, driven by a culture of profits over service.
Megan Motto, Chief Executive Officer, Governance Institute of Australia today welcomed the strong opening statements from the Honourable Richard Tracey and Ms Lynelle Briggs concerning the protection of whistleblowers, starting the Royal Commission into Aged Care Quality and Safety off on a strong foundation.
Royal commission into aged care to drive focus on governance, ethics and risk management in board leadership
Governance Institute of Australia welcomes the opening of the Royal Commission into Aged Care Quality and Safety on Friday 18 January. Transparency from industry leaders around their governance and risk management practices will be key to addressing some of the worrying revelations exposed in the past year, says Megan Motto, Chief Executive Officer, Governance Institute of Australia.