Promontory's fifth and sixth reports provide an update on actions CBA has taken to deliver the Remedial Action Plan (RAP). The Independent Reviewer noted CBA has made ‘solid progress’ and ‘remained on track’ to deliver the plan.
As of 31 December 2019, CBA has submitted on time to the Independent Reviewer all of the 107 milestones that were due. Of these, 82 milestones have been closed by the Independent Reviewer and assessment of the remaining 25 is underway.
Commonwealth Bank Chief Executive Officer Matt Comyn said: “While 107 of 173 milestones have been submitted, we do not underestimate the significant work ahead of us. As noted in the sixth report, we are responding positively and constructively to the challenges the Program involves.
“The Board and Executive Leadership Team remain engaged in overseeing the Program and ensuring the changes deliver better outcomes for our customers, our people and the broader community,” Mr Comyn said.
The reports can be accessed above and here.