NAB Chairman: A mad kid in front of royal commission
“While others appearing before Kenneth Hayne's royal commission offered apologies and conceded mistakes, the NAB chairman was a more reluctant witness. ”
Over the course of several years, NAB has been involved in the “fees for no service” scandal. The chairman Ken Henry stood in the inquiry by banking royal commission this week.
When asked whether it was possible to measure the bank's performance in reforming its culture, Dr Henry said: "That's a big piece of work in front of us."
Ms Orr then asked: "Do you have a view on how long it's going to take to embed the culture that you want?"
Dr Henry replied it could be as long as a decade.
"I could be 10 years. I hope not. But I wouldn't be at all surprised. That would not be unusual for organisations that seek to embed challenge in cultures."
"I don't know whether this is the appropriate forum to say, but I will say it here now anyway, we have said consistently to APRA the word "ensure" is a bit strong. It's really difficult for a board to be held accountable for ensuring anything”
According to Dr Henry’s statement, should the customers pay for the bank’s misconduct for another 10 year until they establish an “appropriate risk culture”? That would be the most literally expensive culture in the organization management field.
