Becoming a better bank

As the Royal Commission hearings and today’s release of findings from our regulators APRA make clear, we have had significant shortcomings in governance, culture and accountability.

I want to apologise to the Bank’s customers, our shareholders and the Australian community for letting you down.

I can assure you, I’m committed to doing what’s necessary to put things right.  My job now is to fix what is broken and to earn back your trust. We will make the necessary changes to become a better bank and we will be transparent about our progress.

We will fully implement the recommendations of the report. But that is only the beginning.

We will establish a higher level of accountability and consequence for our actions and the impact we have on customers. This starts with me.

If you would like to learn more about today’s APRA report and what we are doing in response, please click on the attached news release and watch the video. I look forward to providing you regular updates on our progress and other positive changes we are making in the future. 

Matt Comyn, CEO

Commonwealth Bank CEO Matt Comyn discusses the APRA report

"It is confronting to read, and it is critical in a number of areas. I also think it's a very fair and balanced assessment of the issues that we've been facing. I think the panel have done an excellent job at getting to the heart of the issues. I think it's a very helpful road map for us for the future, and we're going to get on now with implementing the recommendations, in full, which I hope will go towards restoring the confidence and trust in the Commonwealth Bank." - Matt Comyn

  • Commonwealth Bank acccepts all report's recommendations
  • CBA senior leadership will be held accountable for change
  • CEO has decided not to recieve short-term incentive remuneration

Read the video transcript

 

 

 

 

For customers and investors


Commonwealth Bank will implement all the recommendations contained in the report of the Prudential Inquiry released this morning by the Australian Prudential Regulation Authority (APRA).

CBA Chairman Catherine Livingstone said:  “Addressing the findings of the Report is a key focus for the Board and management to ensure that our governance, culture and accountability frameworks and practices are significantly improved and meet the high standards expected of us."

Read our ASX announcement

The Commonwealth Bank Square building