Corporate Governance: Examining the Royal Commission of Australia's Interim Report

Corporate Governance 1
CORPORATE GOVERNANCE

Corporate Governance 2
Executive Summary:
The foremost aspire of this report is to elaborate the examination conducted by the Royal
Commission of Australia against the deceitful and delinquency of the financial sector of
Australia. There are three sections in this report which made discussion on various aspects on
Interim Report (Volume 1 & Volume 2) that is available by Royal Commission of Australia.

Corporate Governance 3
Case studies
A royal commission is the main extemporized formal public inquiry into an elaborated concern
in some kingdoms. This commission has been held in Australia, UK, Canada and New Zealand.
The report has been published by RC that depicts the information of accusing the industry of
giving attention to more profits over the interest of people. It is the report that will demonstrate
the culture of greed taken by many financial institutions and banks of Australia. The interim
report has a number of issues explained regarding the misconduct with people that depicts the
poor behavior of the financial sector.
Corporate misbehavior and customer utilization issues have been heard through this report since
February 2018. To response such issues, Commissioner Kenneth Hayne raised the questions
regarding the misconduct that had happened in the banks and financial institutions. Moreover,
immoral and unethical decisions are criticized by the commissioner. The reason behind the
misconduct might be greed because financial institutions and the banks of Australian have taken
the advantages of the customer to earn a short-term profit. There was one more reason is there,
when misdemeanors were exposed, no actions have been taken in against of the misconduct
(Times, 2018).
There are three cases mentioned below by taking consideration of the interim report volume 2,
along with that process by which the below-mentioned case studies elaborate on the culture of
greed in the financial institutions and banks-
Fees for no service-
Australia and New Zealand Banking Group Limited are found under this misconduct and the
case of fees for no services is being done by the bank in the period of 2006 to 2013. It is the
period in which more than 1000 prime customers of ANZ paid fees for issued documented
annual review by the bank which is never entertained by the customers. It has been
acknowledged by ANZ from 2003 to 2015 that specific businesses liked with ANZ subtracted
fees for current services from the account of their customers which would be 2,900 members of
managed investment schemes and superannuation funds (Westbrook and Packham, 2018). This
charge has been imposed by the bank on a number of customers and in actuality they did not get