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.
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