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Board Areas of Focus

This year the Board and its Committees have undertaken key strategic, governance and oversight activities, including:

Areas of Focus

Strategy

  • Participating in Strategy Day with CEO and Executive Committee, reviewing global trends in banking
  • Discussing with the CEO regular updates on ANZ’s strategic priority of creating a simpler, better balanced bank
  • Discussing ongoing updates and progress on business simplification, such as product, process and technology simplification
  • Providing oversight of the implementation of New Ways of Working (NWOW) within Australia and TSO and Group Centre divisions, including reviewing the lessons learnt at other organisations that have adopted similar methodologies; reviewing reports, including external reports, in relation to the risk assessment of the NWOW operating model and the impact of NWOW on ANZ’s Risk Management Framework
  • Assessing the impact of, and ANZ’s preparedness for, major technology developments such as the New Payments Platform and Open Banking
  • Focusing on reviewing the management of Technology Risk at ANZ

Improving Customer Outcomes

  • Providing oversight of ANZ’s approach to customer satisfaction, including adoption of Net Promoter System and customer complaint resolution with regular discussion in relation to the key trends, themes and issues in particular divisions
  • Providing oversight of customer remediation activities
  • Discussing reports on key matters affecting customers, including in relation to the new Banking Code of Practice and ANZ’s proposed implementation of it and ANZ’s approach to:
    • adopting the Sedgwick recommendations;
    • supporting vulnerable customers; and
    • product suitability for customers.
  • Discussing ANZ’s research into financial wellbeing and the way this is informing activities across ANZ for customers, communities and employees

Purpose and Values-led Transformation

  • Renaming of the Environment, Sustainability and Governance Committee to the Ethics, Environment, Social and Governance Committee, providing management with a further vehicle to raise ethical and conduct issues for broader discussion with Directors
  • Discussing with the CEO regular updates in relation to ANZ’s strategic priority of driving a purpose and values-led transformation of the Bank to build trust and improve our employee and customer propositions
  • Providing oversight of the development of ANZ’s ethical decision making framework
  • Providing a continued focus on the oversight of ANZ’s corporate culture, including reviewing results and key themes of ANZ’s culture audits and ANZ’s staff engagement survey and following up key issues raised within those reports

Financial

  • Reviewing and approving ANZ’s operating and funding plans
  • Providing oversight of capital management initiatives, including the commencement, and subsequent increase in size, of ANZ’s on-market share buyback
  • Providing oversight of ANZ’s approach to the implementation of key accounting initiatives, including the implementation of Australian Accounting Standard AASB 9: Financial Instruments, and making key accounting judgements, including in relation to software assets amortisation, restructuring and remediation provisioning

Regulatory

  • Providing oversight of ANZ’s approach to preventing financial crime, including participating in an internal conference for financial crime professionals and meeting with AUSTRAC to discuss ANZ’s approach
  • Providing oversight of ANZ’s preparedness for the implementation of the Banking Executive Accountability Regime, including approving changes in relation to ANZ’s remuneration policy
  • Following the announcement of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, meeting regularly to discuss matters pertaining to it, including oversight of the approach to the remediation of matters raised at the Commission

In addition to regular meetings of the Board in Melbourne and Sydney, the Board also met in the Australian Capital Territory and New Zealand and have participated in a number of customer and employee facing events. The Board will also have meetings in regional New South Wales and Western Australia during the remainder of the 2018 calendar year, with a focus on customer and employee engagement.

Our Climate-Related Financial Disclosures Governance