The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (banking royal commission) was a watershed moment for organisational culture.
Before the banking royal commission, culture was seen as largely a managerial responsibility, not something that most boards saw requiring independent inquiry or their oversight. Sure, the James Hardie case highlighted the importance of managing the culture of the Board itself. But the organisation’s culture strategy, if there was one, was largely left to management and HR.
The banking royal commission changed all of this, and probably forever. When culture emerged and became one of the commission’s key findings, a spike of commentary and media and professional attention turned to culture.