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Hayne's report brings into play ideas surrounding collective humanistic values and goals, and natural law principles based on commonly understood ethics and moral standards. What is striking is how the financial services industry has dehumanised consumers, and those within the industry providing the services at the frontline.
An academic friend of mine made a dilligent and well-argued case that Hayne had failed in his task to 'tackle bank structure'. With the greatest of respect, this was not the job Hayne had to do. To imagine otherwise is to misunderstand both the law, and what it is 'meant' to do in the hands of those who are judicially trained.
Kenneth Hayne's royal commission into the financial sector has named, shamed and excoriated banks, regulators, insurance companies and other financial services businesses to the extent that you would think they are now extremely vulnerable and universally unloved. That would be a mistake.
Now that the royal commission hearings have finished, people are asking whether things will change. There are grounds for both cautious hope and pessimism. Hope is based on the expectation that the exposure of greed, complacency and lassitude in institutions, boards and regulators will lead them to hunger for a better reputation.
It has been a decade since the banking aristocracy Lehman Brothers filed for bankruptcy in what would be the chant of doom that became the Global Financial Crisis. Today, the legacy of Lehman Brothers and the crisis it helped precipitate supply warnings of the next shock.
As leaders like Gough Whitlam and Patrick Dodson have attested, if we are to imagine and strive towards New Horizons for Justice and Solidarity, we need conviction, perseverance, capacity for compromise, relationships of trust, humour.
If trustees don't understand the meaning of trustworthiness, all the penalties in the world won't encourage them to act in a trustworthy manner. What is needed is conversion — the recognition that the good of each individual depends on their seeking the common good, and the determination to ensure that this vision permeates corporations.
'Kristina Keneally was unapologetic in putting the place of women in our church front and centre. And so we should.' Tropical and Topical, 2018 National Catholic Principals' Conference, Cairns Convention Centre, 16 July 2018.
Indigenous leaders this last week have called for the creation of two new legal entities. They want a First Nations Voice enshrined in the Constitution, and a Makarrata Commission set up by legislation. The Makarrata Commission would supervise agreement making between governments and First Nations and engage in truth telling about history. The envisaged destination is a national Makarrata (or treaty). So the immediate constitutional issue is the creation of the First Nations Voice. There is no point in proceeding with a referendum on a question which fails to win the approval of Indigenous Australia. Neither is there any point in proceeding with a referendum which is unlikely to win the approval of the voting public.
Wealth inequality in Australia is flourishing. The top one per cent of household wealth in Australia is moving toward being 20 per cent of total wealth, and the country is a preferred destination for millionaires. With a government that prefers to impoverish and vilify the disadvantaged and spend big on coal mines, this does not look likely to shift. But there are always other paths to social justice, and in Australia one may be through the millionaires - or at least the companies on which their fortunes are built.
'No matter what the economic, political and legal problems confronted by modern day India, our response can be improved by an application of the key principles and norms developed in the international law of trade and human rights, helping to enunciate the realm of law, regulation and political accountability, enhancing public scrutiny providing the right environment for doing business.' Frank Brennan presents the 25th JRD Tata Oration, Xavier School of Management, Jamshedpur, India, 26 November 2016.
No belief without a lie. No business without sin. No character without an act. No coffee without a fee. No courage without rage. No culture without a cult. No entrance without a trance. No epicenter without an epic. No Europe without a rope. No freedom without a reed. No friendship without an end. No fundamentalism without mental fun.
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