The Australian Prudential Regulation Authority (APRA) today released the Progress Report by the Panel appointed by APRA to conduct a Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
In August last year, APRA established the Prudential Inquiry to examine the frameworks and practices in relation to the governance, culture and accountability within the CBA group, in light of a number of incidents which damaged the reputation and public standing of CBA. The Panel was subsequently appointed in September and the Inquiry began work in October.
The Progress Report provides an update on the status of the Inquiry and outlines the methodology that the Panel has adopted to address the Terms of Reference.
The Panel notes in its report that: 'issues of governance, culture and accountability in a large financial institution are complex and interwoven, and the Panel does not consider it appropriate to draw conclusions, even preliminary ones, before this work is completed and all relevant evidence collected and carefully evaluated. Accordingly, the Panel will reserve its substantive findings and recommendations for inclusion in the Final Report, which will be provided to APRA by 30 April 2018.'
APRA Chairman Wayne Byres welcomed the update provided by the Panel on the extensive investigations currently underway.
"As the Panel has noted, issues of governance, culture and accountability in large organisations are complex to assess. APRA is pleased the Panel is taking a thorough and considered approach to the important task it has been given," Mr Byres said.
The Panel comprises Dr John Laker AO, Professor Graeme Samuel AC and Jillian Broadbent AO.
The Panel is due to provide a final report to APRA by 30 April 2018.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.
Subscribe for updates
To receive media releases, publications, speeches and other industry-related information by email