Mr Alwyn Johnson

8 August 2003

The Commonwealth Bank announced today that it would accept the recommendation of a Federal Government initiated Inquiry into the adequacy of compensation paid to Mr Alwyn Johnson following the termination of his employment by the Tasmania Bank in July 1991.

In recommending that Mr Johnson receive an additional payment of $120,000 the Inquiry confirmed that the Commonwealth Bank had no role whatsoever in the events that led to Mr Johnson’s termination.

Mr Johnson was not an employee of the Commonwealth Bank at the time in question. The Commonwealth Bank became the ultimate successor of the Tasmania Bank following its acquisition of Colonial Ltd in 2001.

The Bank expressed its gratitude to the Prime Minister and the Hon Neil Brown QC, who conducted the Inquiry, for bringing to its attention the full and unusual circumstances of the case, in particular the inappropriate treatment by Tasmania Bank of Mr Johnson, and the special reasons why compensation would be justified in this case.