WC CFO TheStrategicCFO#44 Online NZ Final - Flipbook - Page 1
Dr Ann-Maree Moodie
Managing Director
Governance Australia & Asia
Dr Ann-Maree Moodie is the Managing Director of Sydney-based international
board advisory firm, Governance Australia & Asia. She can be contacted on:
info@governanceaustralasia.com
GOVERNANCE
The First Anniversary of the
Hayne Royal Commission
By Dr Ann-Maree Moodie
The first anniversary of the publication of the final report of the Hayne Royal
Commission has reignited concerns about the loss of trust in the leadership
and performance of our financial institutions, and the scepticism that cultural
change will take a long time to imbed.
In a recent speech, the deputy chair
of one of the two key regulators, the
Australian Prudential Regulation
Authority, (APRA) Helen Rodwell, said:
The key question being
asked is whether the
underlying issues that
caused such damage
– to many consumers
and to public trust in
the financial sector –
CFOMagazine.com.au
have been, or are being,
fully rectified. Despite
substantial progress in
many areas, the answer
is: not yet.
”
APRA is focussed on governance,
culture, remuneration and
accountability, colloquially known by
its acronym, “the GCRA framework”.
The regulator is testing organisations’
abilities to measure against these
four areas in a range of ways from
self-assessment practices through to
enforcement. APRA itself has placed
GCRA as one of the four pillars of its
corporate plan.
“Expertise and understanding of
the changes needed to promote
sound governance and culture is still
developing,” Rodwell said in her speech
to an AICD breakfast in Sydney on
February 20 this year. “Weaknesses in
these areas are challenging to address
quickly, let alone to assess whether they
will be long-lasting.”
