The AICD has provided Treasury with a submission on the draft legislation relating to the government’s Banking Executive Accountability Regime (BEAR).
As in our previous submission on this reform, the AICD welcomes the BEAR’s aim of strengthening accountability in the banking system. However, we remain concerned that the BEAR risks confusing the fundamental governance role of non-executive directors with executive management functions, and does not adequately consider corporate governance principles in its application. The AICD also raised concerns relating to the lack of adequate time for consultation.
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