Mr Callinan, who begins his work with the bank today, will initially advise the bank’s chief executive Ian Narev on designing the compensation program “to ensure it fulfils its primary objective of supporting affected customers and guaranteeing an independent review of their cases,” CBA said.
Commonwealth Bank of Australia has appointed the former High Court judge Ian Callinan as chairman of the independent review panel it was forced to establish in the wake of a damning Senate committee report last month.
CBA still has to appoint others to the process: an independent expert will overview the program and publish periodic public reports on the process; while a customer advocate - most likely a consumer law firm - will be appointed to advise customers on the adequacy of CBA’s compensation.
The new compensation process announced last week follows a Senate committee report on June 26 which detailed a litany of governance failures and egregious conduct by a group of financial planners, who, in the process of chasing big bonuses ahead of the global financial crisis, obliterated millions of dollars of customer savings.
Read more here: SMH