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Erschienen in:
Aims and Approach to Examining the Governance of Banks in the Global Financial Crisis and Beyond to the Australian Banking Royal Commission Inquiry into Banking Misconduct in Stage 2 Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

30. NAB Self-Assessment 2018, Westpac Review Team 2018 and Westpac Reassessment on Governance, Accountability and 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

This Chapter 30 of the Stage 2 Key Code and Advanced Handbook for the governance of Australian major banks examines the NAB Self-Assessment 2018, Westpac Review Team 2018 and Westpac Reassessment on governance, accountability and culture.
This begins with the NAB Self-Assessment 2018 and Westpac Review Team 2018 on the role of the board and senior management including the operation of the board and its committees. There is focus on NAB’s reporting to the board, customer impact and outcomes, second line risk reporting, reporting from third line internal audit, non-financial risk reporting, operational and technology risk, compliance and regulatory matters and NAB’s further variables for non-financial risk reporting. We then switch to the Westpac Review Team 2018 on investment allocations.
There follows the NAB board challenge and closure of issues, remuneration and consequence management and the NAB Self-Assessment on senior leadership oversight including Executive Risk Committees, ELT Risk Committees, Customer Experience Board (CXB), Group Risk Return Management Committee (GRRMC), Value Chain Risk Management Committees and the Technology and Operations Risk Management Committee. This section then turns to the NAB operation of the Executive Leadership Team (ELT) and the Group Risk Return Management Committee (GRRMC).
The examination then moves to Westpac’s functioning of the Executive Team and Westpac RISKCO including enhancing RISKCO reporting and enhancing Executive Team functions. The Westpac examination concludes with the Westpac Reassessment’s board and executive oversight of non-financial risk including the Westpac board and RISKCO.
Chapter 30 concludes with the NAB Self-Assessment of accountability including clarity of accountability, effectiveness of accountability, accountabilities for resolving ‘complex’ issues and NAB accountabilities in performance and remuneration.

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Vorheriges Kapitel Composition, Independence, Representation, Codes of Conduct and Culture
Nächstes Kapitel NAB and Westpac Recommendations and Commentary on Culture
Fußnoten
1
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’).
 
2
Ibid, p 7.
 
3
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’).
 
4
Ibid, section 5.2.1, p 32.
 
5
Westpac Banking Corporation, Reassessment of the Culture, Governance and Accountability Remediation Plan, June 2020, accessed 20 November 2020, available at https://​www.​westpac.​com.​au/​content/​dam/​public/​wbc/​documents/​pdf/​aw/​media/​WBC_​CGA_​Reassessment.​pdf (‘Westpac Reassessment’).
 
6
Ibid, p 7.
 
7
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’). See discussion in section 9.1.2.1 of Stage 1, pp 198–199.
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.
 
8
Ibid.
 
9
NAB Self-Assessment 2018, above n 1, p 14.
 
10
Ibid.
 
11
Ibid.
 
12
Ibid.
 
13
Ibid.
 
14
Ibid.
 
15
Ibid, p 15.
 
16
Ibid.
 
17
Ibid.
 
18
Ibid.
 
19
Ibid.
 
20
Ibid.
 
21
Ibid.
 
22
Ibid.
 
23
Ibid.
 
24
Ibid.
 
25
Ibid.
 
26
Ibid.
 
27
Ibid.
 
28
Ibid.
 
29
Ibid.
 
30
Ibid.
 
31
Ibid.
 
32
See discussion in section 9.1.2.1 of Stage 1, above n 5, pp 198–199.
 
33
Westpac Review Team 2018, above n 3, section 5.3.4 and Recommendation G6, pp 35–36.
 
34
NAB Self-Assessment 2018, above n 1, p 15.
 
35
Ibid.
 
36
Ibid.
 
37
Ibid, p 16.
 
38
Ibid.
 
39
Ibid.
 
40
Ibid.
 
41
Ibid.
 
42
Ibid.
 
43
Ibid.
 
44
Ibid.
 
45
Ibid.
 
46
Ibid.
 
47
See discussion in section 9.1.2.1 of Stage 1, above n 7, pp 198–199.
 
48
Ibid.
 
49
NAB Self-Assessment 2018, above n 1, p 18.
 
50
Ibid, p 18.
 
51
Ibid, p 19.
 
52
Ibid.
 
53
Ibid.
 
54
Ibid.
 
55
Ibid.
 
56
Ibid, p 20.
 
57
See discussion in section 9.1.2.1 of Stage 1, above n 7, pp 198–199.
 
58
NAB Self-Assessment 2018, above n 1, p 20.
 
59
Ibid.
 
60
Ibid.
 
61
Ibid.
 
62
Ibid.
 
63
Ibid.
 
64
Ibid.
 
65
Ibid.
 
66
Ibid.
 
67
Ibid.
 
68
Ibid, p 21.
 
69
Ibid.
 
70
Ibid.
 
71
Ibid.
 
72
Ibid.
 
73
Ibid.
 
74
Ibid.
 
75
Ibid.
 
76
Ibid.
 
77
Ibid.
 
78
Ibid.
 
79
Ibid.
 
80
Ibid.
 
81
Ibid.
 
82
Ibid.
 
83
Ibid.
 
84
Ibid.
 
85
See discussion in section 9.1.2.1 of Stage 1, above n 7, pp 198–199.
 
86
Westpac Review Team 2018, above n 3, section 5.4.1, p 37.
 
87
Ibid, section 5.4.6, p 38.
 
88
Ibid, section 5.4.2, p 37.
 
89
Ibid, section 5.4.5, p 38.
 
90
Ibid, section 5.4.3, p 37.
 
91
Ibid, section 5.5.1, p 38.
 
92
Ibid.
 
93
Ibid, sections 5.5.1 – 5.5.2, p 38.
 
94
Ibid.
 
95
Ibid, sections 5.5.3, p 38.
 
96
Ibid.
 
97
Ibid, sections 5.5.4, p 38.
 
98
Ibid, sections 5.5.6, p 38.
 
99
Ibid
 
100
Ibid, section 5.5.7, p 38 (format altered and bullet-points added).
 
101
Westpac Reassessment, above n 5.
 
102
Ibid, Chapter 4, Shortcomings in culture, governance and accountability frameworks and practices, Table 1, p 14.
 
103
Ibid.
 
104
Ibid.
 
105
Ibid.
 
106
Ibid.
 
107
Ibid.
 
108
Ibid.
 
109
NAB Self-Assessment 2018, above n 1, pp 41–44.
 
110
Ibid, p 42.
 
111
Ibid.
 
112
Ibid. See also, p 44.
 
113
Ibid, p 42.
 
114
Ibid, Action #19 therein.
 
115
Ibid, Action #20 therein.
 
116
Ibid, Action #21 therein and p 44.
 
117
Ibid, p 44.
 
118
Ibid.
 
119
Ibid.
 
120
Ibid, p 42.
 
121
Ibid.
 
122
Ibid.
 
123
Ibid.
 
124
Ibid.
 
125
Ibid.
 
126
Ibid.
 
127
Ibid.
 
128
Ibid, p 43.
 
129
Ibid.
 
130
Ibid.
 
131
Ibid.
 
132
Ibid.
 
133
Ibid.
 
134
Ibid.
 
135
Ibid.
 
136
Ibid.
 
137
Ibid.
 
138
Ibid.
 
Metadaten
Titel
NAB Self-Assessment 2018, Westpac Review Team 2018 and Westpac Reassessment on Governance, Accountability and Culture
verfasst von
Francesco de Zwart
Copyright-Jahr
2022
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_30