Another article from the SMH
https://www.smh.com.au/politics/fede...04-p4zdg0.html
I'll quote the important section, one that I think the QF board should consider:
"This report, commissioned by the Australian Prudential Regulation Authority, was quite separate and apart from the banking royal commission. It sheets home blame to the Commonwealth Bank's highest level - its board of directors.
They were guilty of "inadequate oversight" in an institution with a "widespread tendency towards complacency". APRA ruled that the bank must set aside $1 billion in extra capital to deal with contingencies arising from its findings.
Treasurer Scott Morrison seized on the report for its implications not just for the banks but for all of corporate Australia. It was "a wake-up call for every director", he said, "not just bank boards. There are boards sitting around the country who need to read it very closely and ask themselves the hard questions at the next meeting. I expect them to do so.""