In a scathing assessment of Australia’s corporate and political leaders, former National Australia Bank chairman Ken Henry has revealed the bank’s institutional investors pressured the board to cut costs after the banking royal commission.
Former NAB chair Ken Henry said capitalism means businesses are motivated only by maximising profits.“There was evidence of people cutting corners because of internally generating system complexity, some of which we had not paid nearly enough attention to. “The defining feature of capitalism is that business should not have a responsibility to do anything other than maximise profit, and, like everyone else, obey the laws of the land,” he said. “More than that, business should not seek to do anything else.”for not having learnt from the bank’s misconduct.
The private sector has enormous influence on society, Henry said, including setting wages, employment levels and the pace of economic and industry development.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
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‘Outrage and mania’: Former NAB chair Ken Henry slams business leaders, politiciansKen Henry has revealed a litany of failures at the bank while delivering a scathing assessment of Australia’s stakeholder capitalism. Why is it that everyone with a 'former' before their name criticises everything they were involved in. Henry: expects government to mandate ‘doing the right thing’. Also Henry: booted as Chair, as he couldn’t do the right thing & blames others. Henry making an attempt at revisionist history here. He left NABs Board because he and Thorburn thought they should have a crack at Hayne.
مصدر: theage - 🏆 8. / 77 اقرأ أكثر »
‘Outrage and mania’: Former NAB chair Ken Henry slams business leaders, politiciansKen Henry has revealed a litany of failures at the bank while delivering a scathing assessment of Australia’s stakeholder capitalism. Why is it that everyone with a 'former' before their name criticises everything they were involved in. Henry: expects government to mandate ‘doing the right thing’. Also Henry: booted as Chair, as he couldn’t do the right thing & blames others. Henry making an attempt at revisionist history here. He left NABs Board because he and Thorburn thought they should have a crack at Hayne.
مصدر: theage - 🏆 8. / 77 اقرأ أكثر »
Industry leaders welcome ‘focus’ on housing affordabilityUnderstand inflation easily. 5 reasons why Prices are going up and 10 things will be more expensive till the end of 2022 How about cutting developers profit from a healthy 20% instead of size and quality of dwellings. But I’m sure they’re in bed with developers as well as everyone else who makes the rules.
مصدر: SkyNewsAust - 🏆 7. / 78 اقرأ أكثر »