Australia’s banking royal commission, officially known as “The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry”, raises serious questions about director competency.
The same questions, in this columnist’s view, can be raised on this side of the Tasman following the collapse of CBL Corporation and the poor performance of Fletcher Building, Metro Performance Glass and other companies.
The Australian business media is having a field day on the topic. The Australian Financial Review (AFR) quoted John Pollaers, the former boss of Pacific Brands and Foster’s beer business, as saying that directors are too busy building empires.
