In the 2017-18 Budget the Government brought forward a comprehensive package of reforms to strengthen accountability and competition in the banking system. As part of this package, the Government announced that it will legislate to introduce a new Banking Executive Accountability Regime (BEAR).
The intention of the BEAR is to enhance the responsibility and accountability of ADIs and their directors and senior executives. The BEAR will provide greater clarity regarding their responsibilities and impose on them heightened expectations of behaviour in line with community expectations.
Where these expectations are not met, APRA will be empowered to more easily remove or disqualify individuals, ensure ADIs’ remuneration policies result in financial consequences for individuals, and impose substantial fines on ADIs. ADIs will be required to register individuals with APRA before appointing them as senior executives and directors.
The Government is now releasing this consultation paper, which outlines the key features of the BEAR and the proposed approach for implementation.
All interested parties are encouraged to make a submission by 3 August 2017.
- ABA - PDF 1MB
- Allan Gray Australia - PDF 922KB
- Allens - PDF 1MB
- ANZ - PDF 235KB
- Australian Council of Superannuation Investors - PDF 391KB
- Australian Institute of Company Directors - PDF 311KB
- Australian Shareholders’ Association - PDF 209KB
- AustralianSuper - PDF 2MB
- Auswide Bank - PDF 422KB
- Business Council of Cooperatives and Mutuals - DOCX 124KB
- CHOICE - PDF 386KB
- Citi - PDF 2MB
- Clifford Chance - PDF 677KB
- COBA - PDF 240KB
- Colvin, John - DOCX 74KB
- Cuscal Limited - PDF 19KB
- Davis, Kevin - PDF 609KB
- Financial Sector Union - PDF 272KB
- FINSIA - PDF 88KB
- FSC - PDF 223KB
- Governance Institute of Australia - PDF 150KB
- Guerdon Associates - PDF 542KB
- Henry Davis York - PDF 752KB
- Herbert Smith Freehills - PDF 550KB
- Industry Super Australia - PDF 594KB
- Insurance Council of Australia - PDF 154KB
- KPMG - PDF 169KB
- Lewis, Rob - DOCX 28KB
- MLC Life Insurance - PDF 2MB
- Morris, Damien - PDF 501KB
- NAB - PDF 3MB
- Ownership Matters - PDF 225KB
- Paypal - PDF 577KB
- Suncorp - PDF 6MB
- Wardrop, Ann, Wishart, David and McMahon, Marilyn - PDF 171KB
- Westpac - PDF 278KB