Tom Elliott makes a prediction in wake of Banking Royal Commission

07 February, 2019, 14:55 | Author: Brooke Harris
  • Westpac CEO Brian Hartzer, National Australia Bank CEO Andrew Thorburn, CBA CEO Matt Comyn and ANZ CEO Shayne Elliott

"The key macro issue we have been interested in is if this was going to further reduce the banks' willingness to lend, which would be a further headwind to the economy which is already under some pressure", said Andrew Ticehurst, a strategist at Nomura.

"That tells me that there is a recognition that what brokers provide helps competition and aids consumers, and I don't think anyone wants to throw that out immediately". "The CEO is crucial to that, but I've got a very competent team and we've got hundreds of leaders who are mobilised around our strategy to be better for our customers". I wish we had, let me put it that way ... I know that it is not so.

"A lot of people who have participated in this debate over the past 12 months have said that's all that you should hold boards accountable for, is that they are focused on the maximisation of profits for shareholders".

"I think that it is important for mental and physical health to lead in a sustainable and long-term way; I want to role model to people inside the company that that's OK to do".

A summary of broker responses to the financial sector Royal Commission report including stock-specific recommendations.

"I've cancelled my leave, effective last night".

"I don't agree with that, I don't feel that's true, I feel that's a bit harsh".

Both the treasurer, Josh Frydenberg, and his opposition counterpart, Chris Bowen, have shied away from giving an opinion as to whether the NAB chiefs should keep their jobs, with both demurring to the market, and the board, to make the decision. "I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do".

"Dr Henry said that when he read what ASIC wrote, he was "appalled".

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Orr: I'd like you to answer my question Dr Henry.

Thorburn said he was disappointed that the commissioner had this view.

"I expressed a year ago my own regret as treasurer.at some of the human factors that needed greater consideration in terms of calling the Royal Commission. At NAB we are determined to change and accept that we will ultimately be measured by the actions we take".

As well as a round of media interviews, Mr Thorburn's efforts to show his commitment also included an ASX release and a video message to customers. "We do not believe that any of the 76 recommendations by themselves will have a material financial impact on the banks". I know that it is not so.

Even at this early stage, it is clear the bank will face significant opposition at this year's AGM and the Commissioner's comments about Messrs Henry and Thorburn and their continuing presence in the bank's boardroom will allow shareholders to maintain the rage.

"I thought it telling that Dr. Henry seemed unwilling to accept any criticism of how the board had dealt with some issues", Commissioner Hayne.

"I thought it telling that Mr Thorburn treated all issues of fees for no service as nothing more than carelessness combined with system deficiencies when the total amount to be repaid by NAB and NULIS on this account is likely to be more than $100 million".

Finance Brokers Association of Australia managing director Peter White warned borrowing costs would increase if Commissioner Hayne's recommendation that trailing commissions be dumped is accepted.

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