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2022 | OriginalPaper | Buchkapitel

22. Governance of Banks in the GFC and Beyond Key Field No. 5 (Part 5): Boards and Committees, Independence, Expertise and Bank and Risk Culture

verfasst von : Francesco de Zwart

Erschienen in: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Verlag: Springer Nature Singapore

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Abstract

Part 5 of the Key Code and Advanced Handbook begins with this Chap. 22 and explains the approach to boards, committees, independence, expertise and bank and risk culture from the GFC to the Australian Banking Royal Commission Inquiry into banking misconduct.

This begins with a summary of the responsibilities of the Board, the ASX board charter for listed entities and ASX appointment of directors. We then move to APRA-regulated institutions, the Head of a group, the use of group policies and functions to be approved and the ‘duty of care’, ‘duty of loyalty’ and oversight of management specifically for risk.

Chapter 22 concludes with a review of the [BrdIndMon] (+) variable from Stage 1 – Board Independent: Executive Director Proportion – Monitoring Effect.

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Vorheriges Kapitel APRA Revised Draft Prudential Standard CPS 511 Remuneration

Nächstes Kapitel Board Characteristics for Australian Major Banks

Francesco de Zwart, Enhancing Firm Sustainability Through Governance, The Relational Corporate Governance Approach, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, Corporations, Globalisation and the Law Series, July 2015, (‘Stage 1’).

For Stage 1, see also, Francesco de Zwart, “Enhancing firm sustainability through governance – Part 1: The challenge of corporate governance” (2018) 33(2) Aust Jnl of Corp Law 144 and Francesco de Zwart, “Enhancing firm sustainability through governance – Part 2: The framework of the relational corporate governance approach” (2019) 34(1) Aust Jnl of Corp Law 27.

See discussion in section 7.3.2–7.3.2.1.2 of Stage 1, ibid, pp 206–211.

Financial Stability Board, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture, A Framework for Assessing Risk Culture of 7 April 2014, accessed 28 February 2019, available at http://www.fsb.org/wp-content/uploads/140407.pdf (‘FSBCult’).

National Australia Bank, NAB Self-Assessment on Governance, Accountability and Culture, November 2018, accessed 15 March 2019, available at https://www.nab.com.au/content/dam/nabrwd/documents/reports/corporate/nab-self-assessment-2018.pdf (‘NAB Self-Assessment 2018’).

Westpac Banking Corporation, Review Team, Governance, Accountability and Culture Self-Assessment, 28 November 2018, accessed 5 August 2019, available at https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/media/Westpac_Self-Assessment_Report_.pdf (‘Westpac Review Team 2018’).

Australian Prudential Regulation Authority (APRA), Information Paper, Self-Assessments of Governance, Accountability and Culture, 22 May 2019, accessed 5 June 2019, available at https://www.apra.gov.au/sites/default/files/information_paper_self-assessment_of_governance_accountability_and_culture.pdf, (APRA Information Paper 2019’).

Australian Securities Exchange, ASX Corporate Governance Council, Corporate Governance Principles and Recommendations, Fourth Edition, February 2019, accessed 10 April 2020, available at https://www.asx.com.au/documents/regulation/cgc-principles-and-recommendations-fourth-edn.pdf (‘2019ASX’).

Ibid, Rec 1.1, p 6.

See discussion in section 7.3.1.2.1 of Stage 1, above n 1, pp 198–199.

See discussion in section 2.6.2 of Stage 1, above n 1, pp 41–43.

2019ASX, above n 7, p 6.

See discussion in section 7.3.1.2.1 of Stage 1, above n 1, pp 198–199.

2019ASX, above n 7, p 7.

Ibid.

Ibid, Rec 1.2(a).

Ibid, Rec 1.2(b).

Ibid, Rec 1.3.

Ibid, Commentary to Rec 1.3, p 8.

Ibid, Rec 1.4.

Australian Prudential Regulation Authority, Prudential Standard CPS 510 Governance, July 2019, accessed 22 September 2019, available at: https://www.legislation.gov.au/Details/F2019L00662/Download (‘CPS 510’). In addition to finalisation of APRA’s Draft Prudential Standard 511 Remuneration, APRA has announced that it intends to consult on revised versions of Prudential Standard CPS 510 Governance, Prudential Standard CPS 220 Risk Management and Prudential Standard 520 Fit and Proper in the second half of 2020 with expected effective dates of 2022. See Australian Prudential Regulation Authority, Information Paper, APRA’s Policy Priorities, section 2.1.1 Governance and risk management, section 2.1.3 Accountability and Attachment B: Timelines.

CPS 510, ibid, section 10, p 7.

Ibid, sections 11–15, pp 7 – 8.

See discussion in section 7.3.1.2.1 of Stage 1, above n 1, pp 198–199.

See discussion in section 2.6.2 of Stage 1, above n 1, pp 41–43.

CPS 510, above n 21, section 11, p 7.

Ibid, section 12(a), p 7.

Ibid, section 12(b), p 7.

Ibid, section 13(a), p 7.

Ibid, section 13(b), p 7.

Ibid, section 13(c), p 7.

Ibid, section 14, pp 7–8.

Ibid, section 42, p 11.

Ibid.

Bank for International Settlements, Basel Committee on Banking Supervision (BCBS), Guidelines, Corporate Governance Principles for Banks, July 2015, accessed 21 March 2017 at http://www.bis.org/bcbs/publ/d328.htm, (“BCBS Guidelines 2015”), Para 25, p 8.

Ibid, Para 26, pp 8–9.

Ibid, Para 46, p 12 (emphasis added).

See discussion in section 7.3.2–7.3.2.1.2 of Stage 1, above n 1, pp 206–211.

See discussion in section 7.3.2.1.2 of Stage 1, above n 1, p 211.

Titel: Governance of Banks in the GFC and Beyond Key Field No. 5 (Part 5): Boards and Committees, Independence, Expertise and Bank and Risk Culture
verfasst von: Francesco de Zwart
Verlag: Springer Nature Singapore
Buch: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia
Print ISBN: 978-981-16-1709-6

Electronic ISBN: 978-981-16-1710-2

Copyright-Jahr: 2022
DOI: https://doi.org/10.1007/978-981-16-1710-2_22

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