real economy

ANZ chief: hold executives to account

The head of ANZ says banks need to make examples of their senior staff when they fail to perform to the highest standards.

In this video produced by the Auckland Business School, ANZ CEO Shayne Elliott says the major banks need to be seen to be doing the right thing and hold their executives to account.

“I don’t think we have lived up to the standards we should have in terms of explaining what accountability actions have taken place. Maybe somebody should lose their jobs, maybe some people should have their compensation impacted, maybe people should have their career prospects changed. We can do a much better job of being transparent.”

Elliott also thinks the banks have lost touch with the community and that trust in many institutions is very low.

“In Western democracies, we have seen a shift in trust in large institutions, whether they are private or governmental."

Click on the video above to watch the full interview. 

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