How important is it for an organisation’s employees to be able to name their board members and provide a brief explanation as to what they do? Not as important as you might think. What is really important is that employees feel they know and understand the board’s expectations about matters such as conduct and compliance.
The findings of APRA’s Report on Commonwealth Bank of Australia (CBA) and the ongoing revelations flowing from the Hayne royal commission demonstrate that it is critical that boards take a key role in setting the tone from the top about conduct and compliance. Employees need to understand what they are required to do in their own roles, what decisions and tasks they are accountable for, how they are expected to act and why and what they are trying to achieve. They also need to be clear about the consequences of not meeting these expectations.
