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Saturday 19

January, 2019 1:24 PM

Bank inquiry 'wake-up call' for business

Bank inquiry 'wake-up call' for business

Company board members need to step up and ensure there is proper governance in place, Treasurer Scott Morrison says.

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By AAP 11.05.2018 01:07 PM

Treasurer Scott Morrison says revelations at the banking royal commission should serve as a "wake-up call" for all of corporate Australia, not simply the finance sector.

Mr Morrison was asked in Melbourne on Friday about revelations of misconduct against AMP, which triggered fury from shareholders at a meeting on Thursday.

"This should be a wake-up call for all of corporate Australia, not just banks and financial institutions," Mr Morrison said.

"All of these boards have governance responsibilities for these large corporations - millions of Australians have invested in these public companies - and they have a duty of care and a responsibility to know, to inquire.

"It's not a retirement gig, it's a very serious job. I know there are thousands of directors who take that job very seriously but it's time to step up."

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